Technical Analyst โข Order Flow & Market Profile โข Breaking down auctions & execution โข Always improving โข Views are my own. Not financial advice.
$BTC ๐
The range VAH remains my next overall target, and the next major HTF support bulls must defend! ๐
Acceptance back into Value could open the door for a move back toward rPOC and rVAL.
On the other hand, a strong retest and rejection from here could set up a HTF bearish
$BTC ๐
My next "zones of interest" ๐
As always, no limit orders. Iโll wait for price to reach the zone, then use the reaction and OrderFlow to confirm, or invalidate, the setup!
$BTC ๐
First major candle close back above the mini-range VAH ๐
Next step: a daily close back above the current range VAL ~$64K.
This time, we find a strong low and a much firmer foundation below!
This is your chance bulls.. donโt waste it!
$BTC ๐
Spot is buying and fresh longs are opening - thatโs buying with intent!
Earlier, sellers achieved zero downside and ended trapped immediately. Now buyers are working through overhead supply.
I would NEVER chase such a move, but I can say that for now, it looks strong.
Letโs just say those buyers are taking on significant risk to push your long into bigger profits (what we want), but that doesnโt mean we need to take the same risk (we don't want to buy here).
$BTC ๐
Spot is buying and fresh longs are opening - thatโs buying with intent!
Earlier, sellers achieved zero downside and ended trapped immediately. Now buyers are working through overhead supply.
I would NEVER chase such a move, but I can say that for now, it looks strong.
*If youโre already long and want higher prices, this is exactly what you want to see at the highs: spot buying+longs opening=buying with intent.
But I would never chase here: If spot demand fades and price fails to follow through, all those late buyers become trapped at the top.
I have to head out, so I've cancelled the stop-buy order.
The passive seller is still sitting in the book, so the setup hasn't changed. I'll reassess it once I'm back at the charts. $BTC
$BTC ๐
Huge passive sell wall worth well over 200M USD has just been pulled a few minutes ago, and price is responding well into the NY-Open as buyers attempt to reclaim session VWAP ๐
As of now we have not reclaimed session VWAP!
bitcoin:native
Absolute BS price action ๐ฉ
Now we would be back to talking about a โfailed auctionโ with price trading below mrHigh.
Earlier today we lost the very important rVAL with serious weakness confirmed, only to then later reclaim it with strength (spot bidding + fresh longs entering getting rewarded), only to now lose it again.
At some point that stops being a clean setup and just becomes garbage auctioning. Levels are getting accepted, rejected, reclaimed, and lost again with no continuity.
No clean read, no clean edge... just noise! Iโm done for the day and letting the market do its thing ๐ข
$BTC Short ๐
Price couldnโt hold rVAL.
It's now also failing to hold the mini range high.
As explained in my latest OrderFlow update, that leaves a lot of trapped longs above and gives another "failed auction" setup to target current lows. (NFA!)
https://t.co/HrBg99vFXz
$BTC got a strong upside move with buyers showing intent (longs opening) and price rewarding them. We broke major resistance: current range high and rVAL.
But now, without sellers even getting very aggressive, those buyers are losing control - we already lost rVAL just now.
If price loses current range high, this turns into another "failed auction" above range with trapped longs above.
Given the OI build-up into the move, acceptance back inside the range makes a move toward the lows very likely.
(NFA!) #Bitcoin #BTC
GM โ๏ธ
$BTC closed the daily back inside value, above rVAL!
OrderFlow already showed a strong resistance break, and now PA is confirming strength as well.
rPOC is the next key level: reclaim and hold above it, and rVAH becomes the next target ๐
https://t.co/hNeSPtj6wc