$BTC Update | June 22, 24
Binance BTCUSDT Analysis.
Key takeways:
For the first times since months we have fourth bearish value in a row (usually max was three in a row). So bearish momentum is still in place but as I wrote previously, three consecutive bearish values are reasonable argument to reduce/close short positions. And if you want agressive countertrend, then that’s the setup I wrote about last time. It is still holding as stops are below 62k but it already acts in a different manner than before, letting price penetrate lower than usual.
Swing/Midterm Trend: Bearish
Market Condition: Oversold, countertrend long possible.
Key Resistance zone: 66900-67400
Notes/Observations/Issues:
Value analysis is divided on three parts which make three separate strategies.
Trend - midterm timeframe, following values as they build.
Market Condition - analysing value from overbought/oversold pov. Countertrend trades. Can be used to reduce Trend positions.
Key Resistance/Support - can be utilized in high leverage short-term trades, but also as good “add to Trend” locations.
Pre-Open Commentary distills key takeaways from the analysis of the London GEX and Structure posts and also serves as my personal journal (sort of).