BTC continues to lead the way. What is interesting is other markets like ETH may present obvious buy signals, but we suspect they will not follow through without the cooperation of this market.
7381 is the .382 of the recent structure relative to the 9990 high. The attempt to clear this level has resulted in a and indecisive price action. The longs that are getting sucked into this area are the ones who will fuel the selling of the anticipated retrace.
Earlier on S.C., we issued a buy order on ETH that aims to capitalize this possible BTC retrace. We anticipate supportive price patterns around the 7K psychological area.
In summary, this market is still in the process of building the structure that can lead to a broader movement higher. Our recent update revealed that if the underlying sentiment stays intact, reaching 10K+ in a month is within reason. During this time, any tests of support, especially at extreme levels will offer the highest probability opportunities. It is all a matter of patience.
I posted an update to my analysis. For those who are waiting for a pullback, NO we are not going to $8,000. NO we are not going to $9,000. It's totally okay to go to $7,920, but that's our maximum extension of this breakout. Yes we are bullish, we just reversed from a month-long Inverse H&S, and the alt market is moving their capital to Bitcoin. But the technicals remain the same according to my most bullish scenario. Patience.