BTC (Y22.P1.E8).BEARISH Structure
Mis à jour
Hi All,
I'm still macro bearish until proven otherwise. Why? a few points.
a) flight to risk off in the stock market and the technology space has been taken place.
b) Whale alerts showing large amounts of crypto moving to exchanges and USDT moving off
c) Onchain data shows bearish features, level of interest low
d) Indicators show low momentum, RSI, OBV, etc
e) Perpectual or leverage futures are selling off, volume is dropping dramatically
f) Spot volume dropping off
g) short term HODLers selling as well
Here, this looks like a large bearish structure in the making with either and rising wedge or channel.
We can over perform and pop out of the structure and hit what seems to be an inverted H&S taking place, which might explain the bullish candle today and potentially has just a big more to go.
We do have strong resistance ahead and the main goal for me is to know when to enter a big leverage short.
Meanwhile look at my other BTC post for the wychoff approach.
All the best,
S.SAri
I'm still macro bearish until proven otherwise. Why? a few points.
a) flight to risk off in the stock market and the technology space has been taken place.
b) Whale alerts showing large amounts of crypto moving to exchanges and USDT moving off
c) Onchain data shows bearish features, level of interest low
d) Indicators show low momentum, RSI, OBV, etc
e) Perpectual or leverage futures are selling off, volume is dropping dramatically
f) Spot volume dropping off
g) short term HODLers selling as well
Here, this looks like a large bearish structure in the making with either and rising wedge or channel.
We can over perform and pop out of the structure and hit what seems to be an inverted H&S taking place, which might explain the bullish candle today and potentially has just a big more to go.
We do have strong resistance ahead and the main goal for me is to know when to enter a big leverage short.
Meanwhile look at my other BTC post for the wychoff approach.
All the best,
S.SAri
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