New range for BTC
consolidation as it continues to move sideways. A few shakeouts/stop runs retested previous support levels, note that the long wicks all touch or come close to the .5 fib level. Also note that the wicks populate the blue box, which now acts as a demand area, whereas previous to the run-up it acted as a supply area. Resistance ~8300 has been tested several times at this point, after which price comes down to support and bounces. Flash dumps, followed by quick recovery pumps seem to be stop/liquidation runs or shakeouts to liq FOMO longs and subsequently bottom shorters, and to clear out any weak hands before next leg up. Quick recovery after dumps seems to suggest that there is high buying pressure at the bottom of the range, but also the high selling pressure ~8300 suggests that the market isn't ready for the next leg up yet. Overall I think this range plays out bullish
in the mid-term, and we're setting up to break out of this range in a leg up.
Partly wanted to test out my new color scheme with this idea, partly wanted to keep track of my thoughts and observations. I wanted this to serve as sort of a journal entry, hence the somewhat short & declarative style of writing sentences.