Lennaert Snyder|Nov 05, 2026 15:10
BTC is expanding to the downside aggressively after the 81.1K imbalance rejection.
A very messy delivery after testing 81.1K, followed by a big dump.
This chop often happens the day before events like NFP, that's why I don't trade them.
Too bad though, any other day of the week I would've taken that short.
Bitcoin is violating support region as it falls, and erasing more than half of the pump in a low resistance run is a very weak sign.
As I shared yesterday, what I don't like about this leg up is the 4h wick at 76.4K that barely got filled.
Those almost always get filled or taken out later in time, so if this drop continues we might mitigate that region.
If we go for that 4H wick, it's also likely we take more SSL by sweeping the low again.
Therefore I'd be careful with entering here, lots of retail got pulled into fomo-longs after this pump, this engineers lots of SSL beneath the lows.
Again, no positions for me until after NFP tomorrow. Preserving capital is priority 1.
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