Eris

Weekly Close... $BTC Currently, the weekly close is not looking particularly pretty. We first formed a long wick (entire pump retraced). The following candle filled the entire wick and closed above 71.4K highs. The next wick (last week’s wick) swept above the highs and instantly retraced the entire pump, violently pushing price back down. I observe things from a psychological standpoint, (what does this tell us, who was trapped, who is exposed, and what’s likely to happen next?) Well, as of now, longs have been obliterated, continuation longs, breakout longs, and even mid-range longs. We have a CME gap at 70K which is yet to be filled and can act as resistance on a revisit. If we push to 70K this week, observe the reaction, a rejection confirms the trend is very bearish on the LTF. In terms of key structure we need to hold... the monthly open sits at 66.9K, which is something to observe for a reaction/acceptance above. However, the key areas on the HTF sit around 65.9K down to 64.7K. Lose that and bulls can say goodnight, because sub-60K is coming. Until then, I think its plausible to expect a bearish retest before continuation lower. It’s clear bears are in control, retracing the move right back into range. In my opinion, all I see is a push to the CME gap to bait late shorts, and then a continuation lower. Again, CMEs can take a while to fill, but eventually, they fill.

$BTC Still holding the same short as planned. Ranges are messy and deviations are messy, but that doesn’t invalidate my plan. If we sweep the current highs (74K), I have a final limit order placed above. My invalidation is a weekly close above 80K, which would invalidate the bearish structure, essentially my soft stop loss. I’ve also spotted a potential fractal that I’ll be posting shortly. It could play out since we’re currently in a similar time period to that previous structure. Stay tuned. For now, the plan remains unchanged.

I time my uploads deliberately, syncing them with $BTC to make my bias transparent & public. They can’t stand watching you succeed again and again. This way, you can clearly see the transparency and consistency without tweets getting buried and forgotten.