FireCharts shows $BTC bulls making an aggressive start to the week, but with ask liquidity laddered up to $80k, it's going to take a lot more momentum to keep pushing higher.
If you've been in this market for more than a month, you know that bear markets like to punish as many traders as possible, regardless of bias.
As bullish as this may look, it feels like a trap that lures in late longs and squeezes early shorts before ultimately flushing out those longs.
2/ Then market makers are bidding with size. while takers were selling a bit, forming a flat price action.
3/ As soon as takers surrender and start buying, price goes up.
We now want to wait a bit for market makers to go long again under this price resistance to break it.
Quick analysis on how to read orderflow :
1/ Market makers are heavily selling while takers push the price up. The result is a fake pump because market makers were not joking about selling.
....
Look at this beauty of market microstructure :
1/ Price going higher stops at 71.5k
2/ Retry and pass despite a huge sell wall
3/ Market makers remain heavy on the ask side
4/ Price goes back under this exact same level at 71.5 k
5/ MM positioning back to normal bid/ask
@CobaltAnalysis can always be worse 😂😂
jokes aside you can always disable what you don't care about and just focus on what you need, it's very customizable
@MerlijnTrader Affirming such a statement is a crime.
Instead of "IS REPEATING" you definitely should say "COULD BE REPEATING"
No one on this earth knows for sure where price will go in the future.
BITCOIN IS REPEATING 2022.
Panic drop.
Liquidity grab.
Compression.
Then expansion.
This is where weak hands exit
and smart money accumulates.
The move that follows
usually catches everyone off guard.
@CryptoTony__ 100%
Heatmaps are nice to look at but are not very practical if you really want to have insightd cause its very difficult to identify trends by analyzing color grading.
The markets are all about liquidity. Make sure to follow it. A few tools you can use to find liquidity and volume that i use daily are :
- Heatmaps
- Orderflow Software such as ATAS or Exocharts
- VRVP on Tradingview