After our leg down (predicted in previous idea) BTC held again and has rallied nicely.
I see a final pop to the upside before we wait for further incoming volume.
Bitcoin has been rallying for the past couple of days, smashing through lower-time-frame levels and taking out short stops.
It's a tough one to predict, but this is one option.
One more leg up and then a dump back down to 33k.
Let's see how it plays out.
Previous pop played out nicely:
As they just hit 61165 for the 2nd time, we should get a small pullback, then break through.
To do this they'll need to hold 59979.
Leaning towards a break higher, but the question (as always) is how far they retrace first.
So, the break to the upside didn't materialize over the weekend.
I'm still bullish, but they may have to come lower to find support to regain momentum and push higher.
I'm still expecting a reaction from the 55575 area.
Long-term and in the higher time frames, I expect them to eventually push higher. But, if you buy now you could have a sweaty few days.
If we’re pushing higher today, I want to see 1.18836 hold.
Otherwise, it’s back down to 1.18000
We saw resistance at 1.17806 last week (scenario B), which can now push price to new lows.
If they push higher first, expect resistance at 1.18051.
Targetting 1.16163.
Possibly as low as 1.15538, where we can expect to see plenty of support.
1.17191 is a significant level, but I'm not convinced it'll end up being our local low. I'm more interested in 1.16163 for a reversal.
I think scenario A is most likely. If we pop higher, expect to see resistance at 1.17806 and 1.18051.
What do you think? A, B, or C?
It appears to be going up captain. But the question is, how?
If we pop straight up, expect to see resistance at 59345 and 61165. If we retrace first, we should get support at 55575.
