Thanks for sharing!
We are actually on the bearish side for the short-term.
The current low market interest might lead to a prolonged correction, and the more times we fail at breaking up, the more bearish BTC looks for the short-term. CME institutional traders’ net position remains similar to the level in mid-February 2020 (the BTC price peak before "black Thursday" 40% drop), and it has been dropping significantly since BTC attempted 10k. For a short-term bullish scenario to work, we would like to see the institutional net positions reversing to an increasing trend.
What do you think of our setup below?
We are actually on the bearish side for the short-term.
The current low market interest might lead to a prolonged correction, and the more times we fail at breaking up, the more bearish BTC looks for the short-term. CME institutional traders’ net position remains similar to the level in mid-February 2020 (the BTC price peak before "black Thursday" 40% drop), and it has been dropping significantly since BTC attempted 10k. For a short-term bullish scenario to work, we would like to see the institutional net positions reversing to an increasing trend.
What do you think of our setup below?