Looking at the BTC Daily chart previously posted in our idea section and linked below we can see that BTC has been forming 25% ranges our entire push up from 15k. On this updated chart I have split this ranges into 25% increments as they tend to be respected price levels that produce larger reactions.
Each of these ranges we have seen a retest of the bottom except the last range from 32k to 40750. Last range we also broke our yearly resistance level at 32k. Since that brake out we have only put in higher highs and higher lows.
We have broken into a new 25% range and price stopped at 50% of this range with a clear hard rejection putting in our first lower low. Price is currently pushing up to retest this rejection and many will be ready to short the lower high confirming a trend change with swing failure pattern at the monthly resistance level of 45500 and the macro 50-61.8% golden pocket retrace window.
With that said this is a LARGE LONG RUNNING RALLY. IF we are going to see a retracement to retest our untested yearly resistance level of 32k I expect a choppy distribution to form up here. Being the uptrend is large and long it likely will not give up easily leading to slow grinds up with quick hard dumps.
The top may be in already but personally am looking for a liquidity grab pump that wicks into the 48-50k area. Many are looking for a rejection here believe the high to be in and taking short positions on this push up with stops above the high. (May Work....)
Current trading plan is to look for a bearish rejection on this retest and enter a short cover position with a stop loss above the high like everybody else BUT expecting that liquidity to likely be taken for one more higher high with short limit orders spread between 48-50k.
Trade Well.....
Each of these ranges we have seen a retest of the bottom except the last range from 32k to 40750. Last range we also broke our yearly resistance level at 32k. Since that brake out we have only put in higher highs and higher lows.
We have broken into a new 25% range and price stopped at 50% of this range with a clear hard rejection putting in our first lower low. Price is currently pushing up to retest this rejection and many will be ready to short the lower high confirming a trend change with swing failure pattern at the monthly resistance level of 45500 and the macro 50-61.8% golden pocket retrace window.
With that said this is a LARGE LONG RUNNING RALLY. IF we are going to see a retracement to retest our untested yearly resistance level of 32k I expect a choppy distribution to form up here. Being the uptrend is large and long it likely will not give up easily leading to slow grinds up with quick hard dumps.
The top may be in already but personally am looking for a liquidity grab pump that wicks into the 48-50k area. Many are looking for a rejection here believe the high to be in and taking short positions on this push up with stops above the high. (May Work....)
Current trading plan is to look for a bearish rejection on this retest and enter a short cover position with a stop loss above the high like everybody else BUT expecting that liquidity to likely be taken for one more higher high with short limit orders spread between 48-50k.
Trade Well.....