Devil has it's own signature :) And 66.666 came up couple of times during the last week. This time it matches the mid-line of the upward channel. Don't get me wrong, i didn't work around this number, it was just very close to the intersections.
So, my previous analysis is still in play and should this be a distribution, we will reverse at around 66.666 and complete the LPSY event with a reversal all the way down to the POC of the trading range at 61k where the most liquidity awaits and my long setup comes in to play.
The bounce will be very critical as it should be a weak one that will fail at 63.333 (look at these numbers, i'm not hand picking them) So the long setup i gave yesterday is quite a tricky one that you should know when to exit or not!
If 63k fails after the bounce and we loose the SOW at 57.820, the downside would be quite brutal, down to 57k first and 49-50k as the final target.
If 63k holds, then this could be the shakeout before the breakout!
So, the rest of November could be bloody as hell, where every bitcoiner meets the devil until the last stop gets hit.
This scenario invalidates if we get a daily close above the mid channel (thick blue line) and move above towards the ATH.
And then... 100k by new year / 144k early next year is still in play, just not in a straight line :)
PS. There are a couple of sell the news event for today, taproot activation and Biden's infrastructure bill signature are both long time waited events. I don't trade the news, but the price has almost reached the critical levels too.
So, don't long into the resistance!
As always trade safe and use stop loss.
So, my previous analysis is still in play and should this be a distribution, we will reverse at around 66.666 and complete the LPSY event with a reversal all the way down to the POC of the trading range at 61k where the most liquidity awaits and my long setup comes in to play.
The bounce will be very critical as it should be a weak one that will fail at 63.333 (look at these numbers, i'm not hand picking them) So the long setup i gave yesterday is quite a tricky one that you should know when to exit or not!
If 63k fails after the bounce and we loose the SOW at 57.820, the downside would be quite brutal, down to 57k first and 49-50k as the final target.
If 63k holds, then this could be the shakeout before the breakout!
So, the rest of November could be bloody as hell, where every bitcoiner meets the devil until the last stop gets hit.
This scenario invalidates if we get a daily close above the mid channel (thick blue line) and move above towards the ATH.
And then... 100k by new year / 144k early next year is still in play, just not in a straight line :)
PS. There are a couple of sell the news event for today, taproot activation and Biden's infrastructure bill signature are both long time waited events. I don't trade the news, but the price has almost reached the critical levels too.
So, don't long into the resistance!
As always trade safe and use stop loss.
