SUMMER 2022: BITCOIN SHORT SET-UP13 minutes ago
For the last couple of years I have been experimenting with the idea of reading volume along with reading chart patterns and have created Sherlock VPT's which stands for Volume Price targets. This is something I teach and rely on extensively when breaking down charts and finding setups.
We have a VPT on Bitcoin on the daily time frame at the price 34856.30. Remember that different exchanges offer different VPT's because of the liquidity discrepancy between buyers and sellers, but in saying that VPT's will always be within close proximity of each other.
Using this information along with resistance horizontals and the fact that we have a corresponding GAP on the CME futures for Bitcoin . I am looking to take a short here on Bitcoin if the price reaches this level.
REMEMBER WE ARE BULLISH UNTIL WE ARE BEARISH . A charts skew can change in a heartbeat, expect the unexpected when trading because we all have a plan until it falls apart.
Cryotp
Bitcoin coiling up for new breakoutWe are currently coiling up for a breakout. We do not have alot of volumes at the moment and will most probably happen in new york session only because that is where the volumes are coming from usually. targets
Bigger picture with the previous breakout and price action:
Trade setup:
Note this is the 3rd bounce off the trendline so we could see a huge breakout or fall under the triangle. wait for confirmation on a hourly for safety
