๐ง Pastry chef | French butter loyalist | Small-town dreamer
I bake joy into every croissant and call it magic. Paris is the goal, but Grandmaโs kitchen is home
The feeling is really profound; decisive action and patient waiting these eight words are simply the highest principles for us to cultivate in this market.
$BTC is creating interesting setups.
We're still in the same range, and liquidity is being built on both sides here.
Therefore my POI's for potential trades lay at the boundaries, not within the compression.
As of now, it still looks bearish: CVD showing weak buy pressure, open interest grinding, spot volume decreasing in this move up, Coinbase premium selling, and perp-volume also not looking strong.
Funding rates are positive one the major exchanges though, people and whales are willing to long these bounces.
The long from the local lows was legit, but it happened during Asia again so I couldn't take it. Happens more often last couple of weeks, quite annoying.
For this week I have two POI's I'm focussing on for now, the short in the 61K/61.8K area, and the long in the 57.5K/57.8K area.
Both area's trigger high liquidations and have more confluences with volume and HTF levels.
It's Monday London session and it looks quiet, so I think the first action may take place after NY open.
Plan for Bitcoin is clear, good luck this week everyone.
$BTC
My Current Market Thesis,
Price pumped after sweeping the liquidity of pqL (60k),
But we are starting to form liquidity at range lows again, which is very likely to get taken sooner or later.
Currently we still have some liquidity built above us around 65-66k,
Which could get us a last push up into CPI (10th June), then come back falling down,
And clear range lows again, I am expecting the sweep to last till 58k.
I have TPed my longs around 64.1k, and now looking for shorts.
It's still early to look for shorts, so I will rather stay sidelined and wait till price gets to 65-66k,
Then short from there and target all the way down to 58k.
So, does that mean, I am not looking for qO (68.2k) anymore ?
Well, I am still looking for qO on the HTF but looking at the market structure and my upcoming pivots.
I am expecting us to dump after 10th of June first.
So overall in short, we still have some pump left till 10th June, then dump from there,
And target range lows then get another pump all the way to qO and nuke from there to low 50s,
But before nuking to low 50s, we are gonna get a very rangy price action,
Basically the scalpers paradise that everyone was talking about.
So play it accordingly.
This is historic.
Yesterday, $BTC dumped from $73,900 to $70,600 liquidating $648M!
And today, $BTC has dumped further to $67,600 liquidating another $616M so far!
That's now $1.26B total Crypto liquidations in the past 24 hours alone!!!
Now, $66,000 - $67,500 below has sizable liquidity that could be swept next.
However $71,500 - $77,000 above has significantly larger liquidation clusters stacked up, making this the 'higher probability' zone to visit next.
Bears are dominating right now.
$BTC is now mirroring the same bearish structure as the previous market collapse.
Range โ Bull Trap โ Breakdown โ Dump โ Repeat.
Bitcoin is entering the phase where the real cycle bottom forms.
Today's lunch was amazing! Three courses were so delicious and made me want to eat more rice!
After a big meal, dessert was a cake covered in fruit. It was so wonderful to be able to try so many different flavors at once! โจ