HTF View Of Bitcoin Chart

BYBIT:BTCUSD.P   BTCUSD Perpetual Contract
High timeframe view of the current Bitcoin price action.
Basically just looking for sensible areas to take profit on BTC,ETH and Alts to buy back in at lower prices, using an uncomplicated chart for friends to decipher while packed with pepper technical knowledge behind the scenes.

Parabolic move up into key resistance - made up primarily of a high time frame fixed range pull point of control, key buy side liquidity and a fresh monthly naked point of control). BTC does not have to reach $47k before pulling back, however this is where major resistance should step in and slow its momentum down.

First key support level is the mnpoc ($37000) - this is back by more technicals however I feel this level itself is a good gauge. If we start closing daily candles below I expect a greater pullback down to around $27500 where major support steps in.

As stated on the chart I'm happy to start buying back in from $37k with a long term hold plan.
However the more suitable risk/reward entries start around $27500 down to $22300

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.