As expected BTC hit $5600 and almost immediately began to retrace.
Current support is at the channel midline $5300-$5400, but lower support is the bottom of the channel at $5000-$5100.
We expect BTC to do one more upward move before reaching the bottom of the channel. There is opportunity for a risky scalp trade at the midpoint of the channel targeting one last push to the top of the channel. We recommend a tight stop loss, just under the midpoint.
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