Megaphone Suggests Short Term Distribution - Wait For Squeeze
It made a lower low and higher high which is forming a megaphone pattern at the end of a likely wxyxz.
The upshot of this is it's likely an area where BTC is being distributed in the short term which widens the order book.
I had a futures scalp from the other day which I have now closed and will wait for it to squeeze again which will show where it is being accumulated.
Ideally by the time the squeeze form it will provide enough additional price action to clarify the count because in this area it's quite messy.
I am bullish in the long term but this is a place to be flat in the short term.
The upshot of this is it's likely an area where BTC is being distributed in the short term which widens the order book.
I had a futures scalp from the other day which I have now closed and will wait for it to squeeze again which will show where it is being accumulated.
Ideally by the time the squeeze form it will provide enough additional price action to clarify the count because in this area it's quite messy.
I am bullish in the long term but this is a place to be flat in the short term.
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Preliminary buy zone in box
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Bearish divergence on OBV, have small scalp about 7 R I think for targ
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Short scalp stopped, was countertrend so used very small size on it. Mainly waiting for long in buy zone where can scale in with usual size.