Hi Traders,
This will be my first of many breakdowns. Starting with bitcoin of course…
I do not believe there is anything hidden behind the bitcoin chart. My macro views as a low volume retracement (BEARISH) in a rising wedge (BEARISH).
We are trading below the 200 daily MA (Bearish)
Stochastic will be tiring up above the 70 region (BEARISH)
Last bit of liquidity is sitting around the 8700 area which we see when we break down into the 4hr (more recent PA) using VPVR. This might be telling us a quick wick will be in play to grab the money sitting there.
I will be looking to build into short entries from 7800-8600. Targets are hard to say until we get momentum but i'll definitely be looking for either a reversal from our lows, or new structure lows which could see price sitting around the $2500, or lower.
I'll keep this channel updated as it plays out.
Any questions feel free to ask.
This will be my first of many breakdowns. Starting with bitcoin of course…
I do not believe there is anything hidden behind the bitcoin chart. My macro views as a low volume retracement (BEARISH) in a rising wedge (BEARISH).
We are trading below the 200 daily MA (Bearish)
Stochastic will be tiring up above the 70 region (BEARISH)
Last bit of liquidity is sitting around the 8700 area which we see when we break down into the 4hr (more recent PA) using VPVR. This might be telling us a quick wick will be in play to grab the money sitting there.
I will be looking to build into short entries from 7800-8600. Targets are hard to say until we get momentum but i'll definitely be looking for either a reversal from our lows, or new structure lows which could see price sitting around the $2500, or lower.
I'll keep this channel updated as it plays out.
Any questions feel free to ask.