BTCUSD - DAILY SHORT STRUCTURE (TARGET 34K)
Diupdate
8 Step Analysis:
1) Price broke out of its bullish continuation structure and pursued its rally onwards.
2) A range was formed following the breakout which accentuated the anticipation of the Bitcoin Spot ETF approval by the SEC.
3) This anticipation was shown by leveraged longs that increased open interest through the roof obviously giving a lot of liquidating manipulation opportunities to market makers. You can see this with the multiple false breaks, liquidity grabs, resistance retests, etc (whatever you want to call it, it's all the same thing)…
4) Price retraced back into the range after breaking buyside which is crucial info. I think whales are already in their comfortable shorting pants ready to watch retail scatter in confusion. 'Why would BTC crash?! The ETF was approved!!!' Well they control the narrative and therefore what you think (except if you are one of the rare few in the crypto sphere with a sense of critical thinking).
5) One last bounce higher to build back hopes one last time just to liquidate more longs on the painful way down (or pleasureful way down if you also put on your comfortable shorting pants).
6) The descent should have started (at this point this may be far fetched to try and predict days or weeks in advance but let's try) and sellside should be taken out.
7) The last piece of liquidity I am interested in is below the (1) breakout structure (I refuse to call it a triangle lol). This to me really represents a juicy price to actually start building a serious swing position.
8) The trend continuation.
1) Price broke out of its bullish continuation structure and pursued its rally onwards.
2) A range was formed following the breakout which accentuated the anticipation of the Bitcoin Spot ETF approval by the SEC.
3) This anticipation was shown by leveraged longs that increased open interest through the roof obviously giving a lot of liquidating manipulation opportunities to market makers. You can see this with the multiple false breaks, liquidity grabs, resistance retests, etc (whatever you want to call it, it's all the same thing)…
4) Price retraced back into the range after breaking buyside which is crucial info. I think whales are already in their comfortable shorting pants ready to watch retail scatter in confusion. 'Why would BTC crash?! The ETF was approved!!!' Well they control the narrative and therefore what you think (except if you are one of the rare few in the crypto sphere with a sense of critical thinking).
5) One last bounce higher to build back hopes one last time just to liquidate more longs on the painful way down (or pleasureful way down if you also put on your comfortable shorting pants).
6) The descent should have started (at this point this may be far fetched to try and predict days or weeks in advance but let's try) and sellside should be taken out.
7) The last piece of liquidity I am interested in is below the (1) breakout structure (I refuse to call it a triangle lol). This to me really represents a juicy price to actually start building a serious swing position.
8) The trend continuation.
Catatan
Catatan
Catatan
Interesting, the NQ and BTC are now highly correlated. Most likely due to the ETF drama.
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