BTC - Update on long triggers
2024-11-30

We got our pullback, but a lot less shallow than the npoc we marked, instead bounced from the orderblock/local highs we left before the final lows were put in.

We can see this as buyers being more aggressive than anticipated, so it makes sense to look for continuation longs as well.

Since we are now testing and trading just below a bearish orderblow, longing here is too risky for me. Instead I'd wait for price to clear that orderblock and start grinding higher after that. We had many cases where price kept making HL and HH on ltf; although it's hard for a range trader like me to take those trades, I've been practicing and getting better at it, so will take a shot again if I say the grinding twap structure form again near the highs.

Of course there are also still a lot of sell orders waiting around the 100k level, which is something to keep in mind: expect volatility and some sell pressure to come in on a first tap of that round number level.