BTCUSD is this the Manipulation?
Updated
Lets see if this plays out.
We had accumulation, lets see if this is Manipulation before the Distribution.
A nice strong close above MO would be nice. Maybe one more wick down into D support zone. Don't want to see a W close bellow the red line.
Being careful here with longs as we have bearish MS on the major TF. So any bounce I will look for shorts. Unless things change. This will be shown with time what PA is doing.
If the D support will be lost this is a confirmation for me that we will see 53k ish BTC
Even if BTC will do as low as 47-46k this will still remain bullish on the W chart and will make a Higher Low.
Intraday for now is bearish until proved otherwise.
We had accumulation, lets see if this is Manipulation before the Distribution.
A nice strong close above MO would be nice. Maybe one more wick down into D support zone. Don't want to see a W close bellow the red line.
Being careful here with longs as we have bearish MS on the major TF. So any bounce I will look for shorts. Unless things change. This will be shown with time what PA is doing.
If the D support will be lost this is a confirmation for me that we will see 53k ish BTC
Even if BTC will do as low as 47-46k this will still remain bullish on the W chart and will make a Higher Low.
Intraday for now is bearish until proved otherwise.
Note
Looking at the H1 I redraw the accumulation / manipulation / distribution zones. Price deviated bellow W low and came back nicely with a retest at the yellow doted line.
Have some longs running from there targeting 64-65k
If price can go back above MO and hold then I see price continuing going higher and pullbacks will be for adding to spot and longs. A close below MO again will look bad.
Trade safe, stay safe and do not over leverage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.