Bitcoinus Breakdownus With entries for short and long
Been gone for a week. Its cool I got your breakdown for ya.
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I am super neutral. If we break out it might be hella aggressive. Be prepared for anything. All info disclosed I'm holding a hopium long from 5909.
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Ignore the text boxes that got lost to the right lol
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Market Structure:
After a strong rejection from $8400 bitcoin consolidates into its long term accumulation zone. As highlighted previously, this range is from about $6800-$6000. As this is the third time bitcoin is to test test this crucial zone after its run to $20k, we expect selling pressure in this zone to be at an all time high. Everyone watches patiently to see if this last rally was bitcoin’s last before it falls potentially below profitability to mine.
We can see the strength of the sellers coming out pretty strong. We have just a double top and immediate failure giving us the 30% retracement in a very well respected downtrend. We have Bitfinex bitcoin Longs to Shorts at a low of 0.7, and we have multiple tests of our lower band of the long term accumulation zone.
Though selling pressure is high, we still consolidate in the middle band of the long term accumulation zone. Meaning the price volume is generally neutral or slightly bearish based on its consolidation. Another interesting note, historically, every time Bitfinex Bitcoin Longs to Shorts was below 0.7, we had support come in and push the price back up, trapping the larger majority of speculative shorts. Since this is the third time we test this area, the reliability of this correlation weakens.
After a strong rejection from $8400 bitcoin consolidates into its long term accumulation zone. As highlighted previously, this range is from about $6800-$6000. As this is the third time bitcoin is to test test this crucial zone after its run to $20k, we expect selling pressure in this zone to be at an all time high. Everyone watches patiently to see if this last rally was bitcoin’s last before it falls potentially below profitability to mine.
We can see the strength of the sellers coming out pretty strong. We have just a double top and immediate failure giving us the 30% retracement in a very well respected downtrend. We have Bitfinex bitcoin Longs to Shorts at a low of 0.7, and we have multiple tests of our lower band of the long term accumulation zone.
Though selling pressure is high, we still consolidate in the middle band of the long term accumulation zone. Meaning the price volume is generally neutral or slightly bearish based on its consolidation. Another interesting note, historically, every time Bitfinex Bitcoin Longs to Shorts was below 0.7, we had support come in and push the price back up, trapping the larger majority of speculative shorts. Since this is the third time we test this area, the reliability of this correlation weakens.