BTC The road to glory or is it ?
Everyone is screaming for a new all time high on BTC,
Its coming but I don't think it will come as soon as many hope.
This week was a great week for bitcoin launching from a 4 hour order block at 51600 and physiological level for me We have heard that number before on the road to our ATH.
We managed a monthly high at 63100.
The market sentiment is operating at extreme greed, twitter is one fire with 100k moon boys.
Its going up up up.
All going well so.
On the LTF BTC has moved sideways consolidating under the POC
I have been trading this on a triangle pattern.
And caught a short putting in a new daily low.
I got a small win on this but support was found around 61300.
I was expecting low with areas of confluence just below us with a FVG/imbalance which contained our monthly open and our monthly low.
Didn't go deep and this is the first area of interest for me.
We got ourselves a mini pump and put in a new daily high.
In my trading learning journey this is the single biggest strategy I use.
If we are ranging almost all the time we reject and we did.
Traders are in a good position nice long with some profits.
So what next ?
We are currently holding support around the daily EQ with all eyes above us.
Lots of levels of interest
Daily hIgh around 62650
Monthly high 63100
63100 is my second area of interest and a big phycological level for me.
Plenty of confluence still above us with local highs and monthly's
To reach our previous ATH its a 7% move, easy in BTC right ?
Im expecting a break up I think it will be explosive.
This mornings mini pump was to get everyones interest, get those longs going, squeeze out a few shorts, make everyone happy, increase the greed.
We are around a 10% move from the current ATH, can we go that high before a blistering pull back or do we rocket up and put in a new ATH ?
I don't think we will.
Here's what I think.
We will see a good old BTC pump with a juicy god candle we all love.
I expect to take out the daily highs taking out the high at 63100.
Possible short scalp back testing previous resistance (Daily High)
Or we might slice right through to my next area of interest.
Next level is the VAL on HFT 1HR 63994
This is the location of a previous pull back of 8% and a monthly level.
Above us we have another monthly level at 64876.
We will all be looking for more but BTC never goes straight up and this is a big area of interest for me and a possible reversal.
Euphoria is through the roof we are slicing levels and I think that area will be left untaped.
As in good old BTC fashion I think we will see blood and the first proper "hey how goes it im bitcoin watch this" moment for our new ETF friends.
Next Target is the piously mentioned Monthly low/open FVG around 60776
Approx 6% move downwards
Loose that and next area of support is around 58750 which we bounced from a FVG before our current leg up.
I think there's more !
4hr order block located at 57034 which gave us a 12% move to the upside.
Lots of imbalances below us
Big FVG located around 52750 ish stacked ion top of a 4hr order block 51600 ish
And that my friends brings us right back to where the hype started.
Longs rekt a massive shake outa big bounce back to 4hr order block and reject wrecking fresh longs, pulling in the shorts and get them rekt when we bounce again and ready for another leg up.
Thats my thoughts if you are still reading fair play,
Im a novice trader learning the dark arts with the Pro Traders lounge.
Im using simple methods to do TA and adding as I go.
Its simplistic, most of what I wrote above is more than likely wrong, Ive used wrong terms and can generally be told im full of s%ite
Don't follow this, its my trade plan DYOR
Some day ill be right !
When Lada ?
Its coming but I don't think it will come as soon as many hope.
This week was a great week for bitcoin launching from a 4 hour order block at 51600 and physiological level for me We have heard that number before on the road to our ATH.
We managed a monthly high at 63100.
The market sentiment is operating at extreme greed, twitter is one fire with 100k moon boys.
Its going up up up.
All going well so.
On the LTF BTC has moved sideways consolidating under the POC
I have been trading this on a triangle pattern.
And caught a short putting in a new daily low.
I got a small win on this but support was found around 61300.
I was expecting low with areas of confluence just below us with a FVG/imbalance which contained our monthly open and our monthly low.
Didn't go deep and this is the first area of interest for me.
We got ourselves a mini pump and put in a new daily high.
In my trading learning journey this is the single biggest strategy I use.
If we are ranging almost all the time we reject and we did.
Traders are in a good position nice long with some profits.
So what next ?
We are currently holding support around the daily EQ with all eyes above us.
Lots of levels of interest
Daily hIgh around 62650
Monthly high 63100
63100 is my second area of interest and a big phycological level for me.
Plenty of confluence still above us with local highs and monthly's
To reach our previous ATH its a 7% move, easy in BTC right ?
Im expecting a break up I think it will be explosive.
This mornings mini pump was to get everyones interest, get those longs going, squeeze out a few shorts, make everyone happy, increase the greed.
We are around a 10% move from the current ATH, can we go that high before a blistering pull back or do we rocket up and put in a new ATH ?
I don't think we will.
Here's what I think.
We will see a good old BTC pump with a juicy god candle we all love.
I expect to take out the daily highs taking out the high at 63100.
Possible short scalp back testing previous resistance (Daily High)
Or we might slice right through to my next area of interest.
Next level is the VAL on HFT 1HR 63994
This is the location of a previous pull back of 8% and a monthly level.
Above us we have another monthly level at 64876.
We will all be looking for more but BTC never goes straight up and this is a big area of interest for me and a possible reversal.
Euphoria is through the roof we are slicing levels and I think that area will be left untaped.
As in good old BTC fashion I think we will see blood and the first proper "hey how goes it im bitcoin watch this" moment for our new ETF friends.
Next Target is the piously mentioned Monthly low/open FVG around 60776
Approx 6% move downwards
Loose that and next area of support is around 58750 which we bounced from a FVG before our current leg up.
I think there's more !
4hr order block located at 57034 which gave us a 12% move to the upside.
Lots of imbalances below us
Big FVG located around 52750 ish stacked ion top of a 4hr order block 51600 ish
And that my friends brings us right back to where the hype started.
Longs rekt a massive shake outa big bounce back to 4hr order block and reject wrecking fresh longs, pulling in the shorts and get them rekt when we bounce again and ready for another leg up.
Thats my thoughts if you are still reading fair play,
Im a novice trader learning the dark arts with the Pro Traders lounge.
Im using simple methods to do TA and adding as I go.
Its simplistic, most of what I wrote above is more than likely wrong, Ive used wrong terms and can generally be told im full of s%ite
Don't follow this, its my trade plan DYOR
Some day ill be right !
When Lada ?
Comment:
Here's the imbalances and order blocks below that I mentioned
