DamaNeagra

$BTC I like to use line charts for market structure. They tend to be clearer as they only show the closes. We've only seen lower highs on the weekly thus far. Locally, this is the bears' last stand i.e. last reasonable area where a lower high could form if they're right + close proximity to invalidation. $64k+ weekly close, ideally an impulsive one, would suggest a bullish break in market structure (first one in a while). If that happens, the following considerations apply in my trading system: 1. HTF directional bias is set. Essentially means lower time frame long setups can be held for longer and/or with wider targets + stricter criteria for short setups. 2. Weekly close meme entry. If I get a strong HTF candle close signal, I'll often try to trade the nearest daily open setup to have some exposure in case the strong close turns into a trending runner without a pullback. I think I have a video on this but my brain is damaged from being on CT for almost the entirety of my 20s. 3. Medium time frame pullback entry. A lot of longs can pile in after a higher high, and if they're too horny they end up puking on a minor (no Diddy) pullback. This pullback, conveniently, can land at a nice higher low level. This is a slower trade as it can take a while for the higher high to higher low structure to form on the weekly time frame, but offers better proximity to invalidation. In summary, we're at local resistance in the context of bearish weekly market structure, but if bears roll over here the technical implications are quite significant - you should have a plan. So, what does all of this mean and how should you position? Up or down? I don't know - I sold all my crypto in the March 2020 crash and never looked back. Thank you for coming to my Cred Talk.