Today with the new monthly candles opening and a pull back in motion I think it's the opportune moment to discuss what perspective looks like and what it means for the current state of the market.
With the pull back having happened and fast we now have a bullish candle on the daily. A break up through the high of that candle would suggest we will see new highs within this current trend.
Now that we have broken the little range and not pulled back we have not got a great deal in the way resistance wise until around $9,700. Yes there are some round numbers ahead but I don't see these levels as hugely significant. I am hunting long trades.
Bitcoin remains in it's $300 range on the mid time frames. I am patiently waiting to see if we break down to offer an entry on the higher time frames over the coming days or we push up and may provide some shorter time frame opportunities. I also throw in at the end a chart I am stalking closely for a breakout.
Yes, the market has witnessed a pull back when we look at most of the top-10. So why has bitcoin not pulled back? All I know is what I am looking for as a trading opportunity long.
Currently I've analyzed 4 potential scenarios on this pair. I believe at least one of these scenarios will play out