BTC: Y'all Bullish?

When everyone expects the same result from it usually does one thing—the complete opposite.

Potential 2:1 trade opportunity here before bigly LONG.

Note

3:1*

Note

The setup is looking lovely. Let's see if this plays out. I'm still net short.

Note

I moved my stop loss to 7850 since my average entry price is higher up now. Wouldn't want to be wicked out if this scenario proves to be true.

Note

A daily close below 7500 confirms this thesis, while a close above 7740 may deny it for the short term. Wicks are fine—I'm looking for closes.

Note

Potential shorts stopped/trapped longs & impulse wave completed. Time to see if correction waves plays out next to stop longs/trap shorts before June's real upside move.

Note

NOTE: There's nothing statistical about Elliot Waves no matter what anyone says. I literally just used them to illustrate a bias.

Note

I want to see a solid close below the previous breakout (~7500) for more validation.

Note

Daily candle closed below 7500 and shorts continue to pile up. Sub 7k still on the table.

Note

Update: Low volume on the upside

Note

I'm hedging my shorts here and will start to build longs slowly. This seems like a Wyckoff Spring setup so I'm expecting an upside for June. First sign of weakness, I will switch back to short.

Trade closed manually

bdossantos

Also on:

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.

bdossantos

Also on: