It would be great to take out the liquidity above $81,000, since many people are opening short positions right now and placing their stops above the psychological levels of $80K–$81K–$82K — those nice round numbers.
Then, in September, we could potentially grab some liquidity below to provide fuel for the next move.
It’s not guaranteed that we’ll follow the Spring model, with a new low according to Wyckoff. We could instead stop somewhere around $75K–$68K, following the second model.
Either way...
$BTC setup open big long now , round 4
thank me soon....
entry: 80,097 – 80,218
targets: 80,500 / 80,800 / 81,079
sl: 79,568
BTC is at one of those levels where I wouldn't be in a rush to make a decision.
The move back toward $80K looks good, but the trendline that has been controlling this structure is sitting right around $80–81K.
For a new entry, I'd rather see BTC actually close above it on the weekly than trade above it for a few hours and call it a breakout.
Especially this week.
Nvidia earnings, Core PCE, the second estimate of Q2 GDP, then Warsh at Jackson Hole and the preliminary benchmark revision to US ...