For BTC and crypto in general I see two possible scenarios from the current position. In previous charts we have highlighted the repeating 25% value ranges. This chart should be linked below. The top of our current 25% range would be approximately 52000.
Scenario 1 is we flash pump to 50-52.
Unlikely but it takes time to stop a moving train and that is IF the train is stopping.
On the flip side which is where I am currently sitting a 40-50% retrace from the bottom.
Price has retraced 75% of the bear market, hit the previous point of control at 48-49k when previously in this range. We are also seeing much larger and quicker moves to the down side. Looking at the oscillators we can also see the weekly is maxed out and the daily is rounding downward along with money flow trending downward.
So we have bearish signals at a macro level of the highest significance. This doesn't mean prices will collapse or even retrace. What it does mean is IF distribution is taking place this would be a likely location to look for a reversal.
Current trading plan is 75% of spot holdings were sold at 48k and a short trade targeting a 40-50% retracement from the low of 15500. This is also aligning nicely with a high volume node at 31k and another at 27k.
Trade Well....
Scenario 1 is we flash pump to 50-52.
Unlikely but it takes time to stop a moving train and that is IF the train is stopping.
On the flip side which is where I am currently sitting a 40-50% retrace from the bottom.
Price has retraced 75% of the bear market, hit the previous point of control at 48-49k when previously in this range. We are also seeing much larger and quicker moves to the down side. Looking at the oscillators we can also see the weekly is maxed out and the daily is rounding downward along with money flow trending downward.
So we have bearish signals at a macro level of the highest significance. This doesn't mean prices will collapse or even retrace. What it does mean is IF distribution is taking place this would be a likely location to look for a reversal.
Current trading plan is 75% of spot holdings were sold at 48k and a short trade targeting a 40-50% retracement from the low of 15500. This is also aligning nicely with a high volume node at 31k and another at 27k.
Trade Well....
