Hi all,
We are still in the upward channel and Bitcoin is entering the sideways trading range set by ST and AR.
In between the two, the strongest support is at 60.943 which is the POC of this trading range for about a month now.
The composite man will want to take down this support and liquidate longs before bouncing. That's where i'm planning to buy at 60.400. This way it won't take down the previous swing low at 60.050, so the market structure does not change. This will keep everyone bullish and create a front-run effect to feed FOMO who will be waiting at 60k to buy. Also it will coincide with NY opening on Monday!
Bounce rally will end up somewhere above the AR ~64k, so everone will think we are going to moon. This will be the final LPSY event of the distribution range before mark down!
If TOTT buys during this rally, then i will consider canceling the sell order and watch the target level for the swing failure before taking action.
If not, this is where i will be selling.
Downward target for this distribution range from pnf chart is between 50-57k, so i expect anything 57.xxx as the first conservative target to buy after this swing move.
So, that's my plan for now. Let's see how it unfolds.
Traget safe and use a stop loss.
We are still in the upward channel and Bitcoin is entering the sideways trading range set by ST and AR.
In between the two, the strongest support is at 60.943 which is the POC of this trading range for about a month now.
The composite man will want to take down this support and liquidate longs before bouncing. That's where i'm planning to buy at 60.400. This way it won't take down the previous swing low at 60.050, so the market structure does not change. This will keep everyone bullish and create a front-run effect to feed FOMO who will be waiting at 60k to buy. Also it will coincide with NY opening on Monday!
Bounce rally will end up somewhere above the AR ~64k, so everone will think we are going to moon. This will be the final LPSY event of the distribution range before mark down!
If TOTT buys during this rally, then i will consider canceling the sell order and watch the target level for the swing failure before taking action.
If not, this is where i will be selling.
Downward target for this distribution range from pnf chart is between 50-57k, so i expect anything 57.xxx as the first conservative target to buy after this swing move.
So, that's my plan for now. Let's see how it unfolds.
Traget safe and use a stop loss.
