Breakout w volume, still rejected! What's next?
Okay so I'm really confused by this price action. We had accumulation and a clear harmonic pattern in play. I thought it was going all the way to the 1.618, apparently it got blocked HARD after breaking the 1.272. I'm thinking this might even be enough to force a temporary retracement.
I've marked the probable bounce zone for you. The area towards the bottom would be a .5 retracement of the entire impulse. This will be max retracement in a bullish wave 3, if this is the case then we have a lot higher to go eventually. Somewhere into the mid-40s most likely.
It's also possible we consolidate here and then move up again. I closed my long in profit although far later than I wanted. Did not expect that nasty rejection.
Tbh I've flipped short for a potential developing scalp play, but it's risky no matter which way you cut it rn. That's why I'm recommended a 'Neutral' investment strategy as of this moment until we break below 38.7 or back above 39.5.
I've marked the probable bounce zone for you. The area towards the bottom would be a .5 retracement of the entire impulse. This will be max retracement in a bullish wave 3, if this is the case then we have a lot higher to go eventually. Somewhere into the mid-40s most likely.
It's also possible we consolidate here and then move up again. I closed my long in profit although far later than I wanted. Did not expect that nasty rejection.
Tbh I've flipped short for a potential developing scalp play, but it's risky no matter which way you cut it rn. That's why I'm recommended a 'Neutral' investment strategy as of this moment until we break below 38.7 or back above 39.5.
Comment:
I've realized if this is a bearish harmonic shark pattern then the retracement will ideally be the halfway point between B and C, which would take us all the way back down to $36,150. Be wary of entering a long higher up where I indicated the buy zone was, if this is indeed the case the retracement may be deeper.
Comment:
Now this is looking like either another distribution zone or btc getting ready to go higher. They never make this easy.