BTC ETF got approved today, people thought shorting the news will do it, well they got short squeezed
but what is nice here is that price reached the fibo 0.618 zone
so either price gets rejected here and starts a momentum down
or goes above, consolidate above in HTF, meaning it will trade in the range of the yearly high
before forming a bearish momentum, to welcome a nice macro pullback, aka LTF downtrend
I don't think
BTC
can go to a new ATH yet right away,
everything depends of what pattern the price is going to form at the current resistance level
but my analysis could be wrong ofc
if you want to long, don't long with your eyes closed as volatility could strike hard in that zone. Long only if you have a proper plan, a pattern that you know by heart and that works 90% of the time or else, don't touch the buttons.
same for Shorts, don't try to predict the pico top, what matters is not to outsmart the market but to move with the market. So let the market show you its momentum, then follow it or else you will get caught in shorting an uptrend and get liquidated like a mosquito.
educational purpose only
nfa
but what is nice here is that price reached the fibo 0.618 zone
so either price gets rejected here and starts a momentum down
or goes above, consolidate above in HTF, meaning it will trade in the range of the yearly high
before forming a bearish momentum, to welcome a nice macro pullback, aka LTF downtrend
I don't think
BTC
can go to a new ATH yet right away, everything depends of what pattern the price is going to form at the current resistance level
but my analysis could be wrong ofc
if you want to long, don't long with your eyes closed as volatility could strike hard in that zone. Long only if you have a proper plan, a pattern that you know by heart and that works 90% of the time or else, don't touch the buttons.
same for Shorts, don't try to predict the pico top, what matters is not to outsmart the market but to move with the market. So let the market show you its momentum, then follow it or else you will get caught in shorting an uptrend and get liquidated like a mosquito.
educational purpose only
nfa