Bitcoin is in a buy zone

I expect higher prices. If there is a break under the developing pennant I expect a false breakout and reversal higher. The rise is limited to the low 5000 level.

Comment:

Plenty of time before the weekly close so this will definitely be an interesting week. Now that price reached my initial target region of the low 5000s, I expect price to continuously retest the low 5000 level before the week ends. Breaking above the sell zone indicated above would be extremely interesting to me, however, odds are in favor that price will be blocked up here until at least the end of the week.

This is one of those long positions that I would have preferred losing money on as I want to keep buying BTC as cheap as I can, but looks like I will have to enjoy the profit made from being long and wait to see how price develops from here. Levels shown above in the chart remain valid until broken.

Comment:

We've tapped the 5200 level and have retested the low 5000 level several times. Caution should now be in place as the "Sell Zone" is proving validity.

It amazes me how many people want lift off to start now. This would be an extremely unhealthy way of trending and would eventually have bearish implications. What we want strictly from a structural perspective is slow and steady consolidation for as long as possible. I am personally hoping for lower prices as I am a major long term bull and want to accumulate as much as I can.

The longer the consolidation, the higher we go in the long term. When energy is contained and released quickly it has less energy upon release. The longer it's contained the more energy there'll be.

Comment:

I am still long. As long as the energy in the price keeps going with no signs of reversing the risk is worth the hold. Adjusting my attention to intra-day (4hr close) vs the daily from here to monitor for any sell signal.

Trade closed manually:

Sell stops triggered at 5150. Chop is now in play in my opinion. I expect consolidation between now and the end of the month minimum