The latest Bitcoin impulse reminds me of the previous one from 8k to 40k.
Step 1: BTC broke two key rejection zones in a row, the 20k and 30k to finally find resistance around the 40k.
Step 2: then we had a deep retest/correction till around 30k before the next impulse movement started.
NOW, WHAT? Will History Repeat Itself?
Step 1 done: BTC broke two key rejection zones in a row, the 40k and 50k, and now approaching the 60k.
Step 2: Are we going to have that deep retest? or will BTC break the third key rejection zone and test the 70k?
As per my trading style:
The correction phase would be confirmed when a bearish reversal setup is activated on lower timeframes (like a double top , trendline break , and so on...)
and in this case, I will be looking for buy setups to form as it approaches the 50k to catch the next impulse.
Meanwhile, until a bearish reversal setup is activated, BTC would be overall very bullish and can still break the 60k. The break would be confirmed with a big bullish candle closing above it. In this case, I will be looking for buy setups on its retest.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Alex Livingston
