After a strong move up, BTC tapped straight into a clear 30m supply zone that previously led to a big drop. Price rejected pretty much instantly with a wick and no follow-through from buyers — that was my trigger to enter short.
I’m looking to play the move back into the demand zone around $103.3k – $103.2k, where we last saw strong buying.
Entry: $104,606
Stop: $104,846 (above the last high)
Target: $103,269
RRR: Around 3:1
Volume was drying up during the push into the zone — no real momentum behind the move. That’s usually a sign the second leg is weak, and it lined up well with the visual rejection.
If price breaks above and holds above the zone, I’ll be out. Until then, I’m leaning short while we stay below it.
Reasoning:
Clean structure
Weak bullish retrace into supply
Solid RRR
Compression → expansion setup
Let’s see how it plays out. Will update if anything changes.
I’m looking to play the move back into the demand zone around $103.3k – $103.2k, where we last saw strong buying.
Entry: $104,606
Stop: $104,846 (above the last high)
Target: $103,269
RRR: Around 3:1
Volume was drying up during the push into the zone — no real momentum behind the move. That’s usually a sign the second leg is weak, and it lined up well with the visual rejection.
If price breaks above and holds above the zone, I’ll be out. Until then, I’m leaning short while we stay below it.
Reasoning:
Clean structure
Weak bullish retrace into supply
Solid RRR
Compression → expansion setup
Let’s see how it plays out. Will update if anything changes.
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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.