Some points and remarks anyhow:
- A breakout towards 13 k levels is not really something i want to trade and potentially will make BTCUSD uninteresting for another week or two, as previous price action might make things too choppy for my taste. By choppy i mean there will be no clear trading pattern and price will be "all over the place".
- I'de much rather see another back test of the 7-8k levels minimum and i'll be looking to buy 30% in case price reaches this range. Exact entry will follow in an update.
- The only scenario i might be scalping long is a strong runaway towards 13 k that could potentially run all the way to 16k, but i have strong doubts that will happen next week (again, i hope i'm wrong here too :))
What are your thoughts?
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The pivot here is the 5.9k low of Feb. If we set a lower low, the downside risk increases, if it doesn't print a lower low, this could potentially be the basis for a rally until May (sell in May, then go away).
To answer your question concretely: if price moves into a pennant, it's a pennant in an uptrend which has a bull bias, so yes, it'll change my outlook and i will most likely post another setup/entry.