This is how I'm looking at BTC at the moment.
Overall market structure Still bullish but hasn’t had a proper pullback since it took off from 4K (Zoom out).
Had a perfect head and shoulders (reversal pattern) at the peak and Currently sitting between 23 and 38.2% fibs (long term).
Tested 10k for over a week now with big wicks to the downside. If it cracks above 10.5k I’d expect a nice little run up to the 61.8% fibs (11.2k) before deciding where to go from there.
If it rejects at 61.8% fibs (short term) and continues creating negative market structure and drops past 10k, then 9k lines up pretty nice with the 38.2% fibs (long term) which I’ll consider setting long orders depending on candle stick analysis. If that doesn’t hold I’ll look for entries at 50 and 61.8% (long term) depending on market structure.
Trade at your own risk.
Overall market structure Still bullish but hasn’t had a proper pullback since it took off from 4K (Zoom out).
Had a perfect head and shoulders (reversal pattern) at the peak and Currently sitting between 23 and 38.2% fibs (long term).
Tested 10k for over a week now with big wicks to the downside. If it cracks above 10.5k I’d expect a nice little run up to the 61.8% fibs (11.2k) before deciding where to go from there.
If it rejects at 61.8% fibs (short term) and continues creating negative market structure and drops past 10k, then 9k lines up pretty nice with the 38.2% fibs (long term) which I’ll consider setting long orders depending on candle stick analysis. If that doesn’t hold I’ll look for entries at 50 and 61.8% (long term) depending on market structure.
Trade at your own risk.