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$BTC Price bounced from our demand zone but retraced the entire move back down,
We are still seeing rejection from the zone,
But the internals are not aligning + Buyers are not showing up,
If you see the perp and spot CVDs, they have been rolling over for a day now,
Currently price is forming a descending wedge type structure with OI ticking up slowly while price declines.
Meaning new shorts are adding up on the failed bounce,
We had minor long liquidations and potentially get more longs flushed into the CPI,
In the previous post we talked about how price could sweep the range lows (58-60k) if this support fails.
And looking at how things are we might test 60k soon,
The thing to notice here is that OI is keep on rising, and shorts are entering,
If CVDs keep on rolling like this, we are certainly gonna test 60k again,
Though if CVDs start to reverse from here, that would lead to a stronger squeeze cuz of the new shorts entering.
What I am doing now?
I closed my Swing Long above BE and will be staying flat for sometime, will observe how things are playing out.
I am looking for better long entries, if I get them, will take them for sure.
We got liquidity building below 60k, which has very high chance of getting tested,
So imo, it's better to stay flat and observe how things goes from here and then take decisions based on that, I personally wouldn't wanna long into a bearish orderflow.
If this goes straight up from here, that's fine to me.
$BTC
Price bounced from our demand zone but retraced the entire move back down,
We are still seeing rejection from the zone,
But the internals are not aligning + Buyers are not showing up,
If you see the perp and spot CVDs, they have been rolling over for a day now,
Currently price is forming a descending wedge type structure with OI ticking up slowly while price declines.
Meaning new shorts are adding up on the failed bounce,
We had minor long liquidations and potentially get more longs flushed into the CPI,
In the previous post we talked about how price could sweep the range lows (58-60k) if this support fails.
And looking at how things are we might test 60k soon,
The thing to notice here is that OI is keep on rising, and shorts are entering,
If CVDs keep on rolling like this, we are certainly gonna test 60k again,
Though if CVDs start to reverse from here, that would lead to a stronger squeeze cuz of the new shorts entering.
What I am doing now?
I closed my Swing Long above BE and will be staying flat for sometime, will observe how things are playing out.
I am looking for better long entries, if I get them, will take them for sure.
We got liquidity building below 60k, which has very high chance of getting tested,
So imo, it's better to stay flat and observe how things goes from here and then take decisions based on that, I personally wouldn't wanna long into a bearish orderflow.
If this goes straight up from here, that's fine to me.