BTC short-term play to the upside
The price is holding at the confluence of support when it should have nuked through it right away after coming out of such a large (and long) consolidation.
Never ignore what failed breakouts tell you.
They are just as important as real breakouts in determining where the price will make its next move.
Looking for the support in 3900-3860 area to hold (and offer attractive entries, ideally in 3885-3860 area for best R:R).
Targeting 3980-4000 area.
I don't want to see a 4h candle close below 3830 for this setup to remain reliable.
My previous (medium-term) analysis linked below still applies, but as we know, the price doesn't move in a straight line, and it will have short-term retracements until it eventually makes its way to a higher timeframe .
Depending on the type of a trader you are, these smaller moves can still be played for nice profit.
It's important to be aware that the larger timeframe momentum is towards the downside, which technically makes this a counter-trend trade.
Previous BTC analysis for the medium-term (still valid):
This was fast. The breakout seems to be relatively strong and on good volume.
Played out beautifully.