Lenneart Snydar/Assistant.
64 posts
Nice bounce from the low, if you took the long I suggest you take profit and go BE to protect your capital going into the weekend.
Still think we’re going to see lower prices and these bounces aren’t sustainable.
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$BTC didn't hold 64K and continues the dump to the lows.
The long profited nicely yesterday, and todays dump is exactly the reason why I explained my conservative TP.
Bitcoin left plenty of liquidity to the downside, and new lows are preferable to provide a sustainable move up.
I was targeting the sweep of the 65.6K high for bigger shorts, but price decided to frontrun it by $20. Part of the game.
For trades today, the expected move of the day is almost finished as we dumped to the downside in Asia.
So the only setup for me would be an exhaustion trade long at the 62.4K lows.
The whole box is legit, and liquidity-wise a wick below is also likely and the exhaustion long would even be higher probability.
Exhaustion trades are short-lived for me as they're also counter-bias in this case. So if I'm executing, my approach is to capitalise on a short-term bounce.
65.6K is still a target, but price can leave liquidity for later moments so I'm not predicting to go there.
OI increased during this dump showing lots of new shorts are entering + funding rates coming down. Good to keep that in mind.
Had a nice week overall, so I'm fine with whatever happens from here.
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$BTC NY-session gave us the bullish reaction we wanted.
Bitcoin perfectly respected our long-POI I posted this morning.
I personally longed after the sweep of the 63.9K low, classic move to first trap early buyers and then complete the move.
I took TP1 here and fixed 30% + adjusted stoploss to beneath the liquidity sweep, so almost risk free from here.
Those who follow me know that I'm targeting the 65.6K for a while now.
When we reach that high I'll have 80% closed and start monitoring for potential shorts.
We lost the daily low and are still in a downtrend, so bearish reactions after sweeping 65K could be nice to hedge this position.
GG if you took the long, let's keep the money printer running.
Lennaert Snyder@LennaertSnyder
$BTC is tapping an area of interest here. Yesterday price frontran my target at the 65.6K high, nice move if you shorted the exhaustion early. You should be in and running in profits here. The rejection from the 65.6K high means there is even more liquidity above it now, so it's still a target for me eventually. The most bullish move for Bitcoin would be to hold this 63.8K area and continue higher. I'm monitoring for potential longs. I'm not as eager as yesterday because we came from a rejection of the PDH and lost the previous daily low. This means the probability of reclaiming the 65.5K PDH today is low. If we dump lower into the range I'll simply keep monitoring for longs because the 61.3K PWL is likely to hold the rest of the week. A nice setup could occur at the rangelows around 63K, so enough opportunity. When it comes to shorts the setup was at 65K, retests are always a possibility to scale and/or hedge. For now I'm sitting on my hands and wait until I see clear setups occur.
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$BTC is tapping an area of interest here.
Yesterday price frontran my target at the 65.6K high, nice move if you shorted the exhaustion early. You should be in and running in profits here.
The rejection from the 65.6K high means there is even more liquidity above it now, so it's still a target for me eventually.
The most bullish move for Bitcoin would be to hold this 63.8K area and continue higher. I'm monitoring for potential longs.
I'm not as eager as yesterday because we came from a rejection of the PDH and lost the previous daily low.
This means the probability of reclaiming the 65.5K PDH today is low.
If we dump lower into the range I'll simply keep monitoring for longs because the 61.3K PWL is likely to hold the rest of the week.
A nice setup could occur at the rangelows around 63K, so enough opportunity.
When it comes to shorts the setup was at 65K, retests are always a possibility to scale and/or hedge.
For now I'm sitting on my hands and wait until I see clear setups occur.
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$BTC is holding the CPI pump quite well.
My bias for today is bullish, but I also shorted the exhaustion yesterday as mentioned.
Bitcoin took out the PWH with this pump, meaning that the probability of holding the 61.3K PWL is high.
For my short I'm targeting my long POI's as drawn below as take profit levels. Conservative approach due to counter-trend trade.
There are two long scenario's I'm eyeing for today, one is more aggressive and the other is a defensive play.
The aggressive play would be the most bullish one, and that's a continuation after sweeping 64.3K liquidity. The invalidation for this setup is the 63.6K low.
The defensive play is from the thesis that the 63.3K low is engineered liquidity to trap buyers.
There's also unfulfilled orders there due to the speed of the pump, so a retest there could generate nice long opportunities.
My long target is the 65.6K high, that's been on my radar since last week as mentioned in my updates.
Looking good overall.
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$BTC pumps after CPI and sweeps the 64.7K highs.
CPI came in soft which is bullish for risk-assets like Bitcoin, and of course there was no short trigger in my POI so no trade.
After a pump like this it doesn’t make sense to look for longs obviously.
The only play I see right now is a potential exhaustion trade short.
What this means is that the expected move of the day happened, and exhaustion can trigger a short term pullback.
I’m personally waiting on signs of exhaustion to short and capitalize on a potential pullback.
It would be best-case if it takes out the 65.6K high too tbh.
These are scalps of course, but it could generate nice RR if this pump retraces and becomes unsustainable again.
Overall it’s great to see volatility kick in again. (Apologies for the telephone chart).
Lennaert Snyder@LennaertSnyder
$BTC is waiting for CPI today. The scenario from yesterday didn't change much, and I'm still targeting lower for quality long entries. We saw a dump towards 61.8K and Bitcoin is holding the lows, pressure remains down. The short I mentioned is still valid, I'm more conservative with my TP's if I take it because price is starting to compress. If CPI triggers enough volatility and pushes price towards the 63.5K zone, I'm shorting the reaction towards 60.4K. Orderflow shows increasing OI and spot selling on this last dump, with funding rates still positive. Showing new shorts are entering. The last push towards the upside showed little spot buying and OI dumping, so to me it doesn't look strong yet. Therefore I'm targeting lower for longs, my main POI is at the 60.4K area, and if we lose that around the monthly open at 58.7K. Only longing the reaction since we're still in a bearish trend on the higher timeframes. Let's see if CPI gives us an entry.
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