The implications are tremendously for BTC , and might send it flying back to the mode at 436 give or take.
The recent leg up, shows buyers stepping in after every push to expand range higher, which is a sign that the trend is healthy, and that is well supported on the way up.
It cleared the first big resistance above today, and it has room to go up still, but the resistances above and the trend target suggest we might see a pause in the advance.
With BTCCNY reaching record levels near this top, I'm inclined to think my first target (which was 265) will serve as a cooldown post initially.
Doesn't mean we have to turn , but rather, look to buy the impending pullback at today's bar's 50% level or lower, as long as above the open. Booking profits at today's high makes for a very nice short term trade during a trend.
The recent advance has 4 of said trades, which worked, providing traders with 2:1 r/r in 3 of them and 1:1 in the last one. We have some divergence in , which also implies we might see a pause, unless today's bar shoots much higher.
For now, I'd only trade the long side, buying dips, buying over previous day highs, with the stop at the day's open, and so on, so forth. Buy strength, buy bargain dips.
Time at Mode FX
Let's wait for buyers to step in...or counter short here.
you'd be making some good $ with this trend.
Seems strong so far.
I think it has legs.
Green boxes are range expansion trades taken using my R.E. Signal indicator to enter on retracement, stop under the open, tp at the range expansion bar high.
7 out of 7 worked so far, and some pullbacks gave r/r higher than 3:1, most 2:1 and one 1:1.
This is Tim West's technique, very powerful methodology.
If above, then next level logic.
It can be very parabolic. Stay vigilant.
Bulls are winning for now...