Just a quick update for BTC, after a very strong rally last week price has continued to rally this week also. My initial thoughts for this rally were price would struggle to break through the 32k level which can be seen as the midpoint of the range set from this years lows up to the right shoulder of the head and shoulders reversal pattern confirming the end of the bullrun.
The range shows just how important the 32k level is, it's also aligned with the midpoint of the range. Typically the midpoint is a place to take action, to flip this level for the first time in almost 1.5 years cannot be taken lightly. I would like to see a retest of that level to confirm as new support, only then will I start to get bullish.
I still have a feeling there's one last drop towards yearly open, I have said this a lot in the past idea posts. However, if price finds its feet above the range midpoint it becomes a lot more difficult, maybe the whales have already loaded up their bags? Blackrock and co already stocked up for their ETF's to be approved by the SEC?
I'm not married to this idea of retesting yearly open, it's still my preferred plan. Acceptance above 32k and I will go back to the drawing board.
The range shows just how important the 32k level is, it's also aligned with the midpoint of the range. Typically the midpoint is a place to take action, to flip this level for the first time in almost 1.5 years cannot be taken lightly. I would like to see a retest of that level to confirm as new support, only then will I start to get bullish.
I still have a feeling there's one last drop towards yearly open, I have said this a lot in the past idea posts. However, if price finds its feet above the range midpoint it becomes a lot more difficult, maybe the whales have already loaded up their bags? Blackrock and co already stocked up for their ETF's to be approved by the SEC?
I'm not married to this idea of retesting yearly open, it's still my preferred plan. Acceptance above 32k and I will go back to the drawing board.
