$BTC Market Update: Navigating the May Open 📉
Update on $BTC ... here’s what the charts are signaling as we kick off a new month.
The Strategy: The Liquidity Sweep
It feels like we might see a sweep of the previous monthly high first. The goal of this move would be to take out short stops before the price moves back into the established range.
⚠️ Note: I’d be very careful about chasing longs into this specific move.
The Outlook
Honestly, I’m expecting a quick pullback following that sweep. This is especially true on the higher timeframes as we move through the rest of May. This kind of setup is textbook stuff for the start of a new month.
Current Position & Risk Management
Because of this outlook, I’ve already made moves to protect my capital:
De-risked: My initial short is now at breakeven.
Scaling In: Added a small short around $79.5K to improve my average from the $76K area, just in case we get that sweep.
Invalidation Level
The plan is simple. The bearish thesis is invalidated if we see:
🚩 Weekly close above $83K
For now... I'm just sitting back and watching how price reacts. ⚖️
What’s your play for May? Are you looking for a breakout or a fake-out? Let’s discuss in the comments! 👇
#BTC #Bitcoin #TradingStrategy #CryptoAnalysis #BinanceSquare
Update on $BTC ... here’s what the charts are signaling as we kick off a new month.
The Strategy: The Liquidity Sweep
It feels like we might see a sweep of the previous monthly high first. The goal of this move would be to take out short stops before the price moves back into the established range.
⚠️ Note: I’d be very careful about chasing longs into this specific move.
The Outlook
Honestly, I’m expecting a quick pullback following that sweep. This is especially true on the higher timeframes as we move through the rest of May. This kind of setup is textbook stuff for the start of a new month.
Current Position & Risk Management
Because of this outlook, I’ve already made moves to protect my capital:
De-risked: My initial short is now at breakeven.
Scaling In: Added a small short around $79.5K to improve my average from the $76K area, just in case we get that sweep.
Invalidation Level
The plan is simple. The bearish thesis is invalidated if we see:
🚩 Weekly close above $83K
For now... I'm just sitting back and watching how price reacts. ⚖️
What’s your play for May? Are you looking for a breakout or a fake-out? Let’s discuss in the comments! 👇
#BTC #Bitcoin #TradingStrategy #CryptoAnalysis #BinanceSquare