The end of this set up is closing in within the next 3 days.
Bitcoin is yet again forming another potential Formation as it has two previous times.
We also saw a strong flip as it tested both the diagonal and resistance as well as the horizontal resistance.
Currently we are sitting on the 78.6% fibonacci level and sitting within the on the 4 hour time frame.
I'm not in a position at the moment and may look for a long position on a breakout from the and a potential short scalp if we break the 78.6% level.
Ideally, the best entry here may be at the $3350-$3390 zone after a 4% drop .
The main point I see is the TD 9 on the 3 day is showing a buy candle, which is the 4th time in the past year since it hit the $20,000 high.
We REALLY need this 200MA hold on the weekly to maintain any hope for the short term and mid term.
I'll be updating over the next 5 days as we see this structure play out.
Let me know what you think below and where you see Bitcoin's price heading.
I'm seeing a lot of people go long on Twitter, which makes me think we'll get a stop run.
The volume is so low that the price can get moved either direction. I'm watching buy walls popping up right now, but would not be surprised for a stop run in both directions.
I am still flat with no trade on Bitcoin at the moment. This to me looks like a coin flip and I don't trade coin flips. I trade higher probability set-ups.