Bitcoin: Is the bottom in? That is the wrong question!
1) After a month of ranging behavior, Bitcoin breaks a key support level (7700ish), and with all the long liquidity lying underneath, price essentially prints a green dildo stop hunting the bullz that flipped bearish below 7.7.
2) Price fails to close above prior Major support that naturally acts as resistance (on the way up)
Conclusion #1 that leads to a short idea
3) Price starts falling gradually & technically reasonable (see H1 chart) and eventually meats an area of potential support. No buying pressure (pot momentum flip) triggered at the time. <add to short>
4) Pace gradually increases as key (pot) support breaks (no reason to close short)
5) A high probability level (end of market acceptance zone, see vpvr), where profit must be taken to reduce risk and start seeking a flip in momentum
6) Buying pressure intensifies as the dip to another key level is reached (0.707fib, channel low, market acceptance/full chart/). See DOM charts (ex. Tensor)
7) As long as price remains below (no Meso/Daily close) this level, bears are in control. Looking at the high TFs (>Meso), technically we have a downtrend.
However on Meso (H4-H6) we have a potential trend emerging (HLs thus far).
"The first counter trend move is rarely the origin of reversal"
^Keeping this in mind there is no need to rush into a *new trade, leaving it to chance. Only If price manages to close above Quarterly lvl 7700, printing a HH (after the presence of HL) then I would consider a long exposure
>H1
>3D
2) Price fails to close above prior Major support that naturally acts as resistance (on the way up)
Conclusion #1 that leads to a short idea
3) Price starts falling gradually & technically reasonable (see H1 chart) and eventually meats an area of potential support. No buying pressure (pot momentum flip) triggered at the time. <add to short>
4) Pace gradually increases as key (pot) support breaks (no reason to close short)
5) A high probability level (end of market acceptance zone, see vpvr), where profit must be taken to reduce risk and start seeking a flip in momentum
6) Buying pressure intensifies as the dip to another key level is reached (0.707fib, channel low, market acceptance/full chart/). See DOM charts (ex. Tensor)
7) As long as price remains below (no Meso/Daily close) this level, bears are in control. Looking at the high TFs (>Meso), technically we have a downtrend.
However on Meso (H4-H6) we have a potential trend emerging (HLs thus far).
"The first counter trend move is rarely the origin of reversal"
^Keeping this in mind there is no need to rush into a *new trade, leaving it to chance. Only If price manages to close above Quarterly lvl 7700, printing a HH (after the presence of HL) then I would consider a long exposure
>H1
>3D
Penafian
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