BTC Retracement - Is it a FAKEOUT? Uh...YES!!!Following up on my analysis of BTC after this weekend and going into this Thanksgiving Week. Please take a look at my previous analyses of BTC after we hit the All Time High to see how I've mapped out this progression to where we are now. We have seen BTC drop down to exactly where we projected....the Weekly Demand Source. And as targeted for our more precise level, it came right down to the top of the Daily Zone of the Weekly Source (~80.6K). Wow! You can't make this stuff up, guys. This is solid thorough Technical Analysis that you too can learn!!!
Well, where do we go from here:
This review is a closer dive down into the Hourly time frame, where I think we have to monitor the prices for the short-term. We have seen a pullback this weekend that pushed us back up to the top of this Weekly Demand Source. That level is going to have strong resistance again, and I expect a rejection back down into this large Weekly zone.
It's important to note this weekend push up, we had an H1 BOS - H1 candle close above 86.4K. I expect that to be retested and see the price possibly bounce between this 86.4 - 88.4K range for a little bit. A close of an H1 candle back below 85.7K will be the sign that it is falling back to the source of this H1 break and back to the Daily Zone of the Weekly Source (80.6K).
Remember, we touched the top of the Daily Zone (80.6K), but I don't think that touch was significant enough. There are a LOT of buyers inside of that Daily Zone, and touching it with a wick is not sufficient from my experience. We need to see at least a 4 Hour Candle go deeper into that zone and see a strong bullish rejection.
When will we go bullish again:
The real sign of the fall being over is going to show up first on the H1, with an H1 BOS outside of that Daily Zone (77K - 80.6K). IF we see that, expect a return to the source of that BOS. From there, the bullish momentum needs to be confirmed on the H4 for the REAL BULL BUY.
For now, the higher time frames are still ruling. The Weekly MUST be satisfied with enough volume and activity within this weekly Source. Until then, again, don't get tricked into buying BTC unless you are short-term trading it.
