I want to keep things simple for today on $BYBIT:BTCUSDT.P. I'm looking at 2 trades. 1 long trade and 1 short trade.
Long trade setup
SFP of the weekly and the liquidity there. TP1, local GP of the move + VAH. SL at the wick low.
Short trade setup
On the up side, we have a daily naked POC that acted as resistance yesterday (short front-run). That is also...
The idea is simple. If BYBIT:BTCUSDT.P tries to reclaim the range (started on mid-March), there are 2 shorting opportunities.
1. At the range S/R level and a bit above at the SFP + local golden pocket.
2. If we get past this resistance (hint: perhaps a long opportunity on the backtest), we have another short opportunity at the current range's Value Area Low,...
BYBIT:BTCUSD.P has been on a bearish market structure since the 31k high on 14th of April. For more upside, Bitcoin needs to reclaim the 28k Value Area.
A glimmer of hope is seen at the following setup.
Local S/R level.
Golden pocket, off of the local HTF pivot points.
Possible SFP of the range low.
Possible TP level at the reclaim of the 28k Value...
