bitcoin:native 67k this week?
What first looked like a bearish week might turn into a bullish one. After our dump during London, followed by the NY reversal taking out our daily high, there's a chance the weekly low might already be in, from a statistical perspective. 64% of our weekly highs or lows get put in on Monday. Given the distance as well as the timing perspective, the current daily low is in a green zone.
If we take into consideration that the probability of a sell to buy to sell is smaller than getting a sell to buy and continuation while creating demand, we can be fairly confident that longs should be favored.
Additionally, looking at our volume profile, price has deviated the VAL, accumulated, and reclaimed the POC. Following our volume profile theory, the probability of rotating to the VAH is extremely high.
While all of these confluences are just probabilities and don't guarantee an outcome, the probability favors taking longs. In that case, I'd look for longs from our newly created demand.
So with our bias that this weekly candle is likely to close bullish, there's an 80% chance we take out 66400 and a 50% chance we hit 69k.
But since in trading we shouldn't marry one idea, I'm going to go over the other possible scenario: closing the week bearish.
If price isn't intending to move higher this week, I could see the possibility that the Market Makers want to accumulate price one more time (LPS) before eventually sending it higher. That's why they're currently testing the supply for sellers.
Really excited to see how this week develops.
Thanks to @BrighterData for providing the statistical edge and making data accessible for everyone.
$ADA should also be one of the first to recover from the entire bear market.
I am doing a complete reshuffle for the next cycle and $ADA is now becoming a tier-1 coin purely from an Elliott Wave Theory point of view.
$BCH and $LTC still haven't broken their major lows, but getting awfully close.
#BTC|USDT
Micro Count:
Right now I am expecting some consolidation before next move Up. From Bottom 59K I am Bullish and Just doing Long scalps.
This scenario is valid until we remains above from red line (64200) so keep invalidation in your mind.
#Bitcoin
Apparently everyone on this app has the exact same trading idea…
Or we just rip straight to $80,000 in a single candle and invalidate everyone at once.