The pattern it made today, wicking below the neckline and then pumping is highly suggestive of head and shoulders failure - in which case we have a measured move all the way to $275 to look forward to. The 3H and 4H godmode bull cross also speaks in favor of the theory.
But if when volume comes in breaks break the neckline with some conviction, the measured move to the downside will target the recent lows in the high $160s for a double bottom. Look for it to break out with volume, and then get either long or short depending on which way it breaks. Another strategy would be to place stop buy/stop sells placed on either side of the range.
There's a big move coming for sure - BTC is in a daily TTM Squeeze, and 2D / 3D / 1W 12 period squeezes (a squeeze is when the bollingers are inside the keltner channel). When BTC breaks out of this ever tightening range, it's gonna rip hard whichever way it goes - and everything else will probably follow - but be careful, conditions like these have an above average chance of producing a false breakout in the wrong direction immediately before the real one
Here's a possible macro Elliott Wave count for the correction from ATH.
But if when volume comes in breaks break the neckline with some conviction, the measured move to the downside will target the recent lows in the high $160s for a double bottom. Look for it to break out with volume, and then get either long or short depending on which way it breaks. Another strategy would be to place stop buy/stop sells placed on either side of the range.
There's a big move coming for sure - BTC is in a daily TTM Squeeze, and 2D / 3D / 1W 12 period squeezes (a squeeze is when the bollingers are inside the keltner channel). When BTC breaks out of this ever tightening range, it's gonna rip hard whichever way it goes - and everything else will probably follow - but be careful, conditions like these have an above average chance of producing a false breakout in the wrong direction immediately before the real one
Here's a possible macro Elliott Wave count for the correction from ATH.