BTC is most likely going to the top of the range.
Monthly, Weekly and Daily are looking very, very strong for BTC.
This recent move to 40000 has been driven by spot demand as opposed to futures. There has been lots of accumulation across all wallet size cohorts from small to whales according to glassnode. There simply is not enough BTC currently for sale at these prices.
It is most likely too late to get a good entry except if we get a lower time frame pullback which you can jump into. We are getting closer to a point where taking some profits on any long you may have been running since the bottom is a very good idea.
Target 1 is the chop zone around 46000 - 48000 which has a lot of confluence including Order-blocks, the 0.618 fib, yearly vwap.
Target 2 is just below 58000 which makes sense in the context of the monthly range. We will be very overbought if we go there within the next few months.
Keep an eye out for a change of character on the 4hr/1 day time frames, such as a Lower high, or a failed breakout and keep an eye on potential sell the news narratives such as the spot ETF launch or the halving. Pullbacks can be up to 40% even in a strong bullish uptrend so if you can protect some of your capital and re-enter lower you are doing very well. If things are getting frothy, risk off.
I seldom publish ideas here but I might do it some more now that I have been following the market for a few cycles. :)
This recent move to 40000 has been driven by spot demand as opposed to futures. There has been lots of accumulation across all wallet size cohorts from small to whales according to glassnode. There simply is not enough BTC currently for sale at these prices.
It is most likely too late to get a good entry except if we get a lower time frame pullback which you can jump into. We are getting closer to a point where taking some profits on any long you may have been running since the bottom is a very good idea.
Target 1 is the chop zone around 46000 - 48000 which has a lot of confluence including Order-blocks, the 0.618 fib, yearly vwap.
Target 2 is just below 58000 which makes sense in the context of the monthly range. We will be very overbought if we go there within the next few months.
Keep an eye out for a change of character on the 4hr/1 day time frames, such as a Lower high, or a failed breakout and keep an eye on potential sell the news narratives such as the spot ETF launch or the halving. Pullbacks can be up to 40% even in a strong bullish uptrend so if you can protect some of your capital and re-enter lower you are doing very well. If things are getting frothy, risk off.
I seldom publish ideas here but I might do it some more now that I have been following the market for a few cycles. :)
Investoor from New Zealand.
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