Bitcoin - Second Phase Bullrun - My Bid lvls
Updated
Hi,
In my previous analysis I was monitoring if the price trying to reclaim the Supply region which is precisely 60150 area. If it had tried it would've been a very obvious rejection, instead the PA fell short of it we got a push down. This very nature indicates to me a strong possibility for further consolidation.
Some key indicators -
1. 30-40k market structure development was a significant one, since we broke out we haven't had a retest yet. Based on Daily & 3D TF a simple 'retest approach' can be forgotten overtime by most novice traders. Also, it is important to note trend is still intact even on short term until we break 40k.
2. The other indication on 3D - The impulse bullish candle (as marked) is now taken out by a big supply bar and closed below the body of the previous bullish green candle, which calls for further downward movement.
3. From a Simple XABCD pattern from 64k start of new impulse down. we are now in the midst of C leg. C- leg is where a good entry point
4. 40k - 43k lvl coincides with BTC's favourite reversion Fib lvl 0.618 - 0.676 (sometimes 0.666). Even IF we argue this as a distribution we should see some type of a reaction at this level and calling on accum/dist can be made based on further development of PA
5. This entire market structure nearly 3 months of range is similar to 2017 analog, why longer than in 2017? coz Bitcoin in 2021 is at higher price level, which means it requires more consolidation time (to gather more liquid) to push the price even higher.
I am looking to take profit near 102k level or may be just before based on PA. I do see a good possiblility if higher prices in the coming weeks
Good luck all!
In my previous analysis I was monitoring if the price trying to reclaim the Supply region which is precisely 60150 area. If it had tried it would've been a very obvious rejection, instead the PA fell short of it we got a push down. This very nature indicates to me a strong possibility for further consolidation.
Some key indicators -
1. 30-40k market structure development was a significant one, since we broke out we haven't had a retest yet. Based on Daily & 3D TF a simple 'retest approach' can be forgotten overtime by most novice traders. Also, it is important to note trend is still intact even on short term until we break 40k.
2. The other indication on 3D - The impulse bullish candle (as marked) is now taken out by a big supply bar and closed below the body of the previous bullish green candle, which calls for further downward movement.
3. From a Simple XABCD pattern from 64k start of new impulse down. we are now in the midst of C leg. C- leg is where a good entry point
4. 40k - 43k lvl coincides with BTC's favourite reversion Fib lvl 0.618 - 0.676 (sometimes 0.666). Even IF we argue this as a distribution we should see some type of a reaction at this level and calling on accum/dist can be made based on further development of PA
5. This entire market structure nearly 3 months of range is similar to 2017 analog, why longer than in 2017? coz Bitcoin in 2021 is at higher price level, which means it requires more consolidation time (to gather more liquid) to push the price even higher.
I am looking to take profit near 102k level or may be just before based on PA. I do see a good possiblility if higher prices in the coming weeks
Good luck all!
Note
PA looks terrible on Lower Frame, would expected a sharp V shape type of a bounce. It will be a watch until confirmationOrder cancelled
This is a major sign of weekness for Bitcoin as it failed to spring at 40k lvl and dragged all the way to 30k. Prepare for further interrim consolidation at much lower levels before the trend resuming. I will update with a chart in the coming days
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