$BTC crucial decision time…😬

Aug 7, 2022

Gm Banter fam,

Deviating from my weekly bitcoin post to alert you to what could be the next catalyst for a significant move for $BTC…

As per usual I will share my macro charts and hone in to the finer timescales so that you can best evaluate the tributaries of my inferences and come to your own conclusions:

1: $BTC Bybit macro view

2: Regional view

3: Zoomed in daily

The main take aways drawn from the daily charts is that tomorrow is the conversion zone of the two trend lines that the price action has been reliably observing.

Orange resistance: Originating at the price peak in April this diagonal has been a reliable resistance from which I have been shorting off with a rejection count of 6 and 1 deviation on the daily time frame.

Green support:Stemming from the candle body of this recent upward trend (July 13th), we have witnessed 5 intersections between price and this momentum line with no daily candle openings occurring beneath it.

Red support: Starting from the candle wicks on July 13th and using the second wick on the 26th of July, this line has been considered as the last line of defense for the bulls. Other than the two points of contact previously referenced the price has so far stayed clear from this momentum line.

The resistance and support converge tomorrow

The price may be forced to choose between the 🔨or the 🚀.

For those that have been scalp trading, it has been a profitable week.

$BTC 15 min

The yellow zone has been a reliable point to scale in on longs and set your TP at the resistance…

However, the days of this scalping technique are numbered as the lower red momentum line encroaches into the yellow accumulation zone.

A final comment is warranted on the funding rate

All weekend long it has been a consistent 0.01%. Today however, it has dipped to as low as 0.0044% and is now at 0.0075%. This means that there has been a slight decrease in the number of traders holding long positions relative to short positions. This could be because: (1) more market participants are taking short positions. (2) long position holders were shaken out of the market in yesterday's dip. (3) bulls are less active on Sundays than bears. The 24 hour Turnover is also half of that of the preceding days…

Just sharing what I am seeing

Draw your own conclusions

Banter 0n, Banter Strong!
✌️

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