BTC's price has been following the same pattern for it's past six retracements. As shown in my past trading view Ideas, I've been pointing this pattern out since BTC's reversal at $2k. I believe this is a continuation of this pattern. The pattern is as follows: BTC follows a 1/3 retracement downward from it's last PPoR (peak point of reversal) followed by a retracement upward to the next peak PPoR 3/5 above the last.
I'm not sure about the speed of recovery or if full recovery is in the cards, though this is a great setup for a play on a seemingly guaranteed BTC bounce. I'm personally looking to buy BTC futures at 8x leverage around $8k. If BTC continues to it's next PPoR, that would result in over a 2,000% gain on the said futures. The reward is clearly much greater than the risk in this play, and if the pattern breaks, it'll be quite easy to tell and likely far before BTC nears $8k again, so in the worst-case scenario, I'll exit accordingly most likely still making a few hundred percent.
I'm not sure about the speed of recovery or if full recovery is in the cards, though this is a great setup for a play on a seemingly guaranteed BTC bounce. I'm personally looking to buy BTC futures at 8x leverage around $8k. If BTC continues to it's next PPoR, that would result in over a 2,000% gain on the said futures. The reward is clearly much greater than the risk in this play, and if the pattern breaks, it'll be quite easy to tell and likely far before BTC nears $8k again, so in the worst-case scenario, I'll exit accordingly most likely still making a few hundred percent.