Safe way is to buy deeps

Morning guys,

The big monthly step is done on last week, when market hits important monthly 23K target. We understand that BTC is overbought at monthly and weekly chart as well and this fact significantly increases chances for meaningful downside reaction. But, to form the background for this reaction market needs time and prepare some bearish pattern on daily chart that we do not have right now. It means that bearish context on daily chart could appear in the future - right now it is not good idea to sell just because we at monthly strong resistance area.

What is better way to act? We suggest that making scalp long trades on daily/intraday charts are safe way to act on coming week. The momentum on the market stands so strong that BTC probably not once, not twice will try to challenge the top. This creates good background to buy deeps on Fib levels. For example, on daily chart in case of pullback to 3/8 support we will get DiNapoli B&B "Buy" trade. Stop could be placed below daily oversold level (blue line), or below 5/8 Fib support.

So, we call to not sell by far, waiting for clarity with bearish background (if it appears at all), but focus on momentum trades, buying at Fib levels and out at previous top or other targets stand around. Or, at least moving stops to b/e.