In my previous idea, I explored the technical readiness for Bitcoin to have a strong downturn towards 50k or lower.
I believe we are at the twilight right before the storm.
As with everything, we recognize that price doesn't just continually move down, but that there are retraces in any strong move up or down where big firms are able to offload (in a downturn) or add positions in an upturn.
In our scenario, I believe that large firms have sold into buyers as a test of strength, and buyers were unable to keep prices going higher. The proof is in the imbalances that were created at the quarterly low.
What we are looking for now is the initial impulsive correction up, typically this is points 1 and 2 in a bearish Elliot Wave bearish impulse. the 3rd point, which is also the strongest is expected to come next year.
What we are doing now is setting ourselves up to either exit Bitcoin positions, or start shorting Bitcoin.
We have a solid point of time reference for taking out liquidity, which is actually at the high of THIS closing month. I foresee December being bullish for Bitcoin, but again, this is just before the fall.
The liquidity shown inside of our OTA zone gives us four different types of liquidity:
-Trendline liquidity near the Nov Monthly highs
-The actual high in Nov
-A previous iFVG
-A Current FVG
Here is an example of what we are looking for once prices reaches into our zone:
-The price MUST manipulate the current monthly high (Nov)
-If the price creates a bullish FVG into the high, it must invert it and close below it.
-The price MUST create a bullish FVG on the way down.
We should be looking for these signs in the DAILY chart. Once we have them, short the position.
Be forewarned that it is NOT impossible for the price to manipulate ATH again, so if you do enter this short, set your SL at $132,000.
Again, price MUST show willingness to create imbalances to the downside within the OTA! If this does not happen, you cannot short!
Theoretical position:
Initiate short: apx $111,700 (or whenever there are clear imbalances within OTA)
SL: $132,000
Take Profit 1: $74,720
Take Profit 2: $57,800 (61.8% of the larger move in my previous idea)
I believe we are at the twilight right before the storm.
As with everything, we recognize that price doesn't just continually move down, but that there are retraces in any strong move up or down where big firms are able to offload (in a downturn) or add positions in an upturn.
In our scenario, I believe that large firms have sold into buyers as a test of strength, and buyers were unable to keep prices going higher. The proof is in the imbalances that were created at the quarterly low.
What we are looking for now is the initial impulsive correction up, typically this is points 1 and 2 in a bearish Elliot Wave bearish impulse. the 3rd point, which is also the strongest is expected to come next year.
What we are doing now is setting ourselves up to either exit Bitcoin positions, or start shorting Bitcoin.
We have a solid point of time reference for taking out liquidity, which is actually at the high of THIS closing month. I foresee December being bullish for Bitcoin, but again, this is just before the fall.
The liquidity shown inside of our OTA zone gives us four different types of liquidity:
-Trendline liquidity near the Nov Monthly highs
-The actual high in Nov
-A previous iFVG
-A Current FVG
Here is an example of what we are looking for once prices reaches into our zone:
-The price MUST manipulate the current monthly high (Nov)
-If the price creates a bullish FVG into the high, it must invert it and close below it.
-The price MUST create a bullish FVG on the way down.
We should be looking for these signs in the DAILY chart. Once we have them, short the position.
Be forewarned that it is NOT impossible for the price to manipulate ATH again, so if you do enter this short, set your SL at $132,000.
Again, price MUST show willingness to create imbalances to the downside within the OTA! If this does not happen, you cannot short!
Theoretical position:
Initiate short: apx $111,700 (or whenever there are clear imbalances within OTA)
SL: $132,000
Take Profit 1: $74,720
Take Profit 2: $57,800 (61.8% of the larger move in my previous idea)
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.