When we were ranging between 18500-19500 most traders were calling for 13-14k, as this would have been a "healthy" retrace from a TA perspective, looking at fib levels and supports.
Now many traders are calling for 20k, which would be a completely expected retrace.
BTC is too bullish to respect these notions. My idea here is that she will once again disrespect normal TA notions of a "healthy pullback", and impulse off of a bullish range between the levels drawn above. If we break above, I believe a new impulse toward 30k will be upon us.
If it breaks below, bears may get trapped again by BTC, or alternatively we see a dump to the prior range drawn. I lean bullish on this idea. See related idea for additional perspective.
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Now many traders are calling for 20k, which would be a completely expected retrace.
BTC is too bullish to respect these notions. My idea here is that she will once again disrespect normal TA notions of a "healthy pullback", and impulse off of a bullish range between the levels drawn above. If we break above, I believe a new impulse toward 30k will be upon us.
If it breaks below, bears may get trapped again by BTC, or alternatively we see a dump to the prior range drawn. I lean bullish on this idea. See related idea for additional perspective.
Like & Follow if you enjoy my ideas.
Comment:
We see that it has rejected off the top side of the range. The longer this ranges, the better. This will form a nice support level for the future. Still expecting an impulse if we get past 24200
Comment:
range broke - targeting 30k
