BTC - LONG TERM BULLISH BUT SHORT TERM DOWNSIDE POSSIBLE

BTCUSD shows long term bullish signals but might has to cool down, before the major breakout.

Buy/Sell-Signal:
Bitcoin bounced perfectly from the multi-year green 'SupertrenD' support channel and closed above the 'Smoothed Swirl' which makes our next red 'SupertrenD' resistance channel valid and caps our growth level at around 6600$-6700$ . It is very likely that we will not surpass this level, due to multiple reasons:

1. The strong volume profile between 6200$ and 6700$ which might indicate that people start selling at this level and new buyers would wait until that level is passed.
2. The local RSI (blue line) diverged too far from the MultiRSI (black line) and will look to close the large gap soon
3. The monthly 'Smoothed Swirl' is still bearish as mentioned in my monthly post.

If the price can close above 6800$ then I would consider it as very bullish and start to open long-term positions, since it will indicate that the monthly trend will get bullish confirmation as well.
If the price rejects, I will consider buying it at around 4300$ and lower. I would close my positions if the monthly price can close underneath green 'SupertrenD' support channel on the monthly chart, which would be, regarding the change of our support with respect to time, the level underneath 3800$

I hope you find this helpful!
Best,
Felix Kewa

Comment:

We are slowly approaching our target. One thing has to be said: The fact that we continue to go up that quickly even though Binance was hacked is hyper bullish and increases the odds that we will see just a small or no pullback at all.

Trade active:

Started to scale in at 6300$

Trade closed: stop reached:

Market is too strong. Liquidated shorts earlier in the morning to wait for a momentum change.