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The price has retraced below the 2/3 mark of the massive Sept 3 4H expansion candle. It is driven by accelerating sell-side volume with virtually zero bid-side absorption; the market has almost no support. In addition, the current lower timeframe (1H) EMA structure has begun switching from a bullish stack into a fused/coiling compression structure. The 78,000 area is the near-term target level for the day.
On ultra-short timeframes, the bias is mainly for high shorts. The short-defense (invalidation) level is 79,655. If this level is broken, you need to change your thinking again and shift to a long (bullish) posture.
(Price action has retraced below the 2/3 mark of the massive Sept 3 4H expansion candle, driven by accelerating sell-side volume with virtually zero bid-side absorption. Lower-timeframe market structure is decaying rapidly: the 1H EMAs are transitioning from a bullish stack into a flat, coiling compression structure.
The short-term target for the day sits around the 78,000 support node. Maintain an aggressive short-heavy bias on ultra-short timeframes, setting the bear invalidation level at 79,655. A clean break and acceptance above this level invalidates the setup and calls for a flip back to a bullish posture.)