Morning traders,
we have a continuation wedge style pattern this type of set up is conducive of playing the overall macro trend bias for me which is bullish.
we have already touched the 48k level which is classical price action behaviour, you cannot run a new high with a mild pullback (or a better price to enter on.)
as we can see this set up is actually much more clearer on the 5 min chart the solid red trend line has marked out the fractal high based on the 5min , this is my point of inflection where the market plays out our overall bull bias.
the question now is, when we run the 50k level will we get a strong push through or will we get a mild pullback.
we have a continuation wedge style pattern this type of set up is conducive of playing the overall macro trend bias for me which is bullish.
we have already touched the 48k level which is classical price action behaviour, you cannot run a new high with a mild pullback (or a better price to enter on.)
as we can see this set up is actually much more clearer on the 5 min chart the solid red trend line has marked out the fractal high based on the 5min , this is my point of inflection where the market plays out our overall bull bias.
the question now is, when we run the 50k level will we get a strong push through or will we get a mild pullback.
I now expect we will have a mild pullback, (potential for entry on a better price before we head for the 50k level ) but we are already in motion.
total market cap has become my favourite go to, chart in this space, now that we are on the doorstep of the 1.5 trillion market cap with this run to the 50 on the BTC pushing the M,CAP higher, this gives us an all round view of the market.