Bitcoin Week nr. 15

Bitcoin forming a MS continuation pattern. It broke the Montly level at 7160 and has now retested the level as support.

1. Level as resistance
2. Breakthrough
3. Daily close above
4. Wicks below but still daily closes above the level.

If the level holds likely more upside with first target 7700-7800 region.

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The Montly level

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Intermediate support by the 21ema 4h (blue)

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Last range found support on the Monthly VWAP, this range is still above Weekly VWAP. Flipped it as S/R through out the range.

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Range

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7430 high
7160 low

Which side will give in first?

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Setup invalidated with that push below 7160.
Now looking at the 21 DEMA

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Thinking about a scalp long here, if the dip gets bought back up. Going to play some order reversal. Been playing mostly shorts in this range on the Monthly VWAP and 200ema 5min. Because we are at the bottom of range and at the W-open and D support levels thinking about a long.

Trade active

T1 hit, mid range

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D-open providing resistance, stop moved below mid range

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Couldn't have been any clearer

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Expecting 6500

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Taking a short here, unable to close above range high. Targeting mid range

DemKos

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DemKos