o keep it short, what we have on the left is a rotation (blue and red arrows)
This is where smart money built a position over time, when they finished building the position then pushed price down (refer to chart)
This shows me that the big players were bearish , so I'm looking to sell with them when price comes back to $10,281 region.
I have drawn two scenarios on how the level could react. (red + blue)
Red Scenario - I will want to see price moving slowly and diagonally towards our level, this will show me the bulls are struggling to push through the sellers, which means we have seller strength still. If we can't close above the level and we also break the counter trendline I have drawn, we could see a run down to 8k-7.5k but we would need to break 9k first
Blue Scenario - I want to see price crush through our level, if this happens this means those big money players aren't there anymore for whatever reason, so those sellers are gone. In that scenario we will be looking for that old resistance to now become support, which could give us a buy at our level and a push up to $11,000 to see how those sellers hold up.
BTCUSD is a unique in her ways.
Just make sure to trade with protection :)
This is where smart money built a position over time, when they finished building the position then pushed price down (refer to chart)
This shows me that the big players were bearish , so I'm looking to sell with them when price comes back to $10,281 region.
I have drawn two scenarios on how the level could react. (red + blue)
Red Scenario - I will want to see price moving slowly and diagonally towards our level, this will show me the bulls are struggling to push through the sellers, which means we have seller strength still. If we can't close above the level and we also break the counter trendline I have drawn, we could see a run down to 8k-7.5k but we would need to break 9k first
Blue Scenario - I want to see price crush through our level, if this happens this means those big money players aren't there anymore for whatever reason, so those sellers are gone. In that scenario we will be looking for that old resistance to now become support, which could give us a buy at our level and a push up to $11,000 to see how those sellers hold up.
BTCUSD is a unique in her ways.
Just make sure to trade with protection :)
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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.