QUICK BREAKDOWN
Added 2023-05-01 10:09:02 +0000 UTCGood Morning all...
So Bitcoin came through with the breakdown over the weekend...
Now...Given that bitcoin has dropped lower...The markets are closed in europe and Uk, so the US will have free roam of the market.
Two things can happen:
No movement and it ranges or we get a retrace back up to continue lower later.
Draw your attention to the 7 day hyblock chart...It appears there is a "Step like" formation of liquidations being attacked...Remember, the market cant continously go down, there has to be a balance...So naturally a retrace is expected...
Longs are rushing to sell...Any retraces back up are traders in shorts looking to cover and take profit...
So the MM has a decision to make, does he allow the shorts to make money or is there more Long liquidations for him to take...If your in shorts, take profit, lock it in and add as price moves in your favour. Use the whole and half numbers as places to add positions as opposed to just waiting for it to move further away from your entry because there is a different psychology being triggered at different price points.
I will be checking in with you guys later...
Mad Love
T
