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Bitcoinshort

Bitcoin Final stage of a Wyckoff Distribution schematicTLDR: • IMO, Bitcoin is in the final stage of a Wyckoff distribution phase. From here we can expect the price to drop to roughly 24K. • Confirmation: Daily close below the upward-sloping trendline with a retest as resistance. • Invalidation: Daily close above 29.5K with a retest as support, followed by a HH. My Friends. • Let me begin by writing that I have no intention of spreading FUD. Consider my opinion as a possibility. A fellow trader and your friend is sharing his opinion. If I am correct, Bitcoin, and the whole crypto market, is going to dump, hard. If I am wrong, I provided my invalidation points, and you lose almost nothing by being patient. • My notion is that Bitcoin is in the final stage of a Wyckoff distribution schematic. From here we can expect a correction. Maybe even as low as 24K. What is Distribution? • The distribution phase is a period of sideways price movement. During this phase, the MM is keeping the asset’s price in a tight range and exerts sell pressure to prevent the price from breaking above the range high. The MM’s intention is to sell high and drop the price down to buy back again for cheap. • The clue that helped me realize that we are in distribution was the sharp move above the range high on July 13th followed by a sharp decrease in price on July 14th. This move in Wyckoff terminology is called Upthrust After Distribution (UTAD). • Every swing up in price after the Upthrust is called the Last Point of Supply (LPSY). Meaning that the MM is raising the price sharply to lure traders to buy and then, drops the price sharply. Other Clues: Alts: • IMO, the altcoin market is giving away the MM’s lie. While Bitcoin did make a HH, the alts, mainly ETH did a LH. It makes me think that Bitcoin’s HH was just an overshooting wave B. I am not an EW specialist, but wave B is a corrective wave moving up. This is exactly what we had seen in Bitcoin’s price. A sharp move up to lure traders to buy, followed by a month-long range to distribute Bitcoins supply. Example ETH: Volume: • Volume is another giveaway. Look at the volume. We see sharp spikes of buying pressure followed by heavy sell pressure. Overall, volume is declining. Bearish Divergence: • During this distribution range, bitcoin formed bearish divergences on the weekly and daily charts. A Bearish Divergence is a sign of exhaustion. It signals that the uptrend is losing steam and a pullback is due. Weekly Bearish Divergence: Daily Bearish Divergence: 50D EMA: • The 50D EMA is my marker of the trend. Whenever Bitcoin drops below the 50D EMA. You can expect the price to continue lower (linked TV idea). Blackrock ETF: • If you think that BlackRock is coming to the rescue, just think: What is more likely? That BlackRock will buy high to sell higher? Or, that BlackRock will dump the whole market to buy cheap and then sell high? Pullback Targets: • ATM I need more clarity. It is not yet certain that I am correct. If the price drops below the upward-sloping trendline, I will do my best to provide you with targets. • My tentative target is the 0.382 Fib retracement for the whole move up at roughly 24K. Invalidation: • Daily close above 29.5K after retesting as support. • HH, above 31.8K. NFA. What do you think? Please share in the comments. Best Wishes.
Short
by NewThoughtCrypto
#BTC 🔴 H1 SHORT (BITCOIN). Possibly W1 PPR ⬇️Interesting developments in Bitcoin. It seems that they tried to break through 31k several times, but at the same time, the 30k resistance worked out many times. But the last powerful impulse on the background of FUD took out the stops of all the longists, who stubbornly gained their positions in the LONG for a long time. We have been moving in the H1 range for a whole week, and most likely, the last downward impulse predetermined the current situation in BTC. At the D1 resistance, and the upper limit of the H1 range, a Double Top has formed, a Global Imbalance Level, which the price has already tested. And this gives an excellent signal to open a sell position. A retest of the imbalance is still possible, after which, with a high probability, we will go into the long-awaited correction, to the lower border of the H1 range (29982) and up to the previous Impulse Level (28737) p.s. In addition, on W1 we have a hint of the formation of a Bearish PPR, the implementation of which will definitely send the price to the level of 28.8-28.6K. p.p.s. In addition, the current Bitcoin Futures Contract on the Chicago Exchange expires on 07/01/2023. Accordingly, there should be significant volatility in the market. input: 30605 (on unbalance retest) stop: 31227 tp-1: 29982 tp-2: 28737
BITSTAMP:BTCUSDShort
by TrEKone
💥Bitcoin (BTCUSDT): Pullback in Short Term?Together we have followed the last part of this rally (see chart below) correctly, but now we cannot rule out some corrective structures in near term. That said, the trend is bullish on Daily and Intraday Charts, so if you decide to take a short position, you have to wait for a bearish signal. From our point of view, if BITSTAMP:BTCUSD triggers a corrective structure, it could form something like ABC Pattern. The simplest strategy is to wait for the first bearish leg on small time frame and try to take a short position after technical rebound. BULLISH SETUP Like to support my work. Trade with care!
Short
by TheAnonymousBanker
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