www.tradingview.com/chart/nSeV9PgK/
So this is the BTC long plan. BTC just tested 53k range twice in the range of 4 days. I was hoping it to test the 50k range which is the sign of weakness (SOW) in Wyckoff phases. However coming towards the end of the phase D which is after the UTAD, we tend to see consolidation at the current range. This might be a support to bounce or might head lower to look for support at the 50k to 46k range (red box). Either way it looks bullish for the cause of the next rally up. So i will start accummulating 30% of BTC at current price of 54k so that if it doesnt go lower to find the 50k support, i will not miss out and fomo back in later. If it does go lower, I will add 30% of my total position at the 49k range. The rest of it will be added as the price ranges back up before it touches 53k again. TP to be somewhere close to BC line and SL will be after 2nd addition to be determined at that time but the first SL should be 42k which is the very nice and comfy support.
So this is the BTC long plan. BTC just tested 53k range twice in the range of 4 days. I was hoping it to test the 50k range which is the sign of weakness (SOW) in Wyckoff phases. However coming towards the end of the phase D which is after the UTAD, we tend to see consolidation at the current range. This might be a support to bounce or might head lower to look for support at the 50k to 46k range (red box). Either way it looks bullish for the cause of the next rally up. So i will start accummulating 30% of BTC at current price of 54k so that if it doesnt go lower to find the 50k support, i will not miss out and fomo back in later. If it does go lower, I will add 30% of my total position at the 49k range. The rest of it will be added as the price ranges back up before it touches 53k again. TP to be somewhere close to BC line and SL will be after 2nd addition to be determined at that time but the first SL should be 42k which is the very nice and comfy support.
Comment:
Didnt take long for BTC to retrace to 48k after this post. Picked up some BTC follow by ETH, BNB, to roll with this spring test. The next step is to identify the last point of support which might be 54k after ranging for a while. While BTC is ranging, other large caps will enjoy some upthrust.