Going back to November 21st, BTC was in a bearish channel that was very corrective in nature. By corrective, I simply mean there is a lot of overlapping waves in the structure. It's hard to pull out any kind of a bullish count out of this.
I discussed this bearish count right before BTC hit the top of the channel back around December 13th. Right after that, a significant sell off quickly hit and pushed us beyond the lower bound of the channel and we've been below it ever since. However, after creating a liquidity range from December 20 through December 27, we broke down and tested the lower bound of that liquidity range and went back into it on January 3. We tested liquidity some more and finally broke up on Friday (Jan 6) which was a bullish day.
We've been consolidating above this liquidity range all weekend in a boring market which is not great to trade, so I hope you largely stayed out.
As long as BTC stays above $16,900 on a daily closing basis, I am leaning bullish. Break below $16,900 and I think we could see a pretty significant sell off.
Disclaimer - I've been holding spot since buying back at $16,000 and do have bids to buy lower. This is for long term holding and not trading.
I discussed this bearish count right before BTC hit the top of the channel back around December 13th. Right after that, a significant sell off quickly hit and pushed us beyond the lower bound of the channel and we've been below it ever since. However, after creating a liquidity range from December 20 through December 27, we broke down and tested the lower bound of that liquidity range and went back into it on January 3. We tested liquidity some more and finally broke up on Friday (Jan 6) which was a bullish day.
We've been consolidating above this liquidity range all weekend in a boring market which is not great to trade, so I hope you largely stayed out.
As long as BTC stays above $16,900 on a daily closing basis, I am leaning bullish. Break below $16,900 and I think we could see a pretty significant sell off.
Disclaimer - I've been holding spot since buying back at $16,000 and do have bids to buy lower. This is for long term holding and not trading.
Trade closed: target reached:
Bullish above 16900 - clean setup - clean follow through.