- BTC looked like it was about to break down sub-$3k early this morning but we were pleasantly surprised
- We were trending sideways right on support and we got a strong volume breakout
- We blew straight up to the Monthly open, which was right under a supply zone
- We basically tagged that supply zone and have backed off so far
- We are consolidating at the moment but we could expect a pullback to the 38FIB or deeper to the golden pocket before continuing higher but if this breakout is real strength from bulls we might only see a drop to the 38%
- Following the pullback, PA might resemble the arrows on the chart. A break above the supply zone and then a retest acting now as support before heading straight for the resistance level above near $4,000
- HOWEVER, we cannot forget above the unfilled gap below
- We can very well head for the unfilled gap above around $4,400 but it would have better to close the gap below before heading higher as it would have removed the likelihood of dropping back down afterward
Thanks guys!