BTC Is in a some consolidation right now forming a parallel channel. Weve tried to break out above the high but it seems like we need a bit more juice to push us up higher.
Right now the RSI is very oversold on the daily, and we have some liquidity below that would be nice to grab.
Ideally what I would want to see is a swing low, grab some rocket juice, and move higher.
I like to look for a nice long wick below the previous low (marked on the green line), as this may activate shorts to pile into the market thinking we will give up the rally back to 30k (still possible although maybe not as likely at the moment).
I would like to see the reaction at $33,400. If we get strong absorption this might be a great long entry.
If not then we just look below to our levels at the weekly $31,700.
Right now the RSI is very oversold on the daily, and we have some liquidity below that would be nice to grab.
Ideally what I would want to see is a swing low, grab some rocket juice, and move higher.
I like to look for a nice long wick below the previous low (marked on the green line), as this may activate shorts to pile into the market thinking we will give up the rally back to 30k (still possible although maybe not as likely at the moment).
I would like to see the reaction at $33,400. If we get strong absorption this might be a great long entry.
If not then we just look below to our levels at the weekly $31,700.
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I also think we might see something like this since equities are relatively strong now, up until 440 level on SPY.
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FYI, if you are wondering what the white trend line is. This is the trend line from the low and support from $15k upwards.
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Keep this simple, watch the previous high. If we blast through it then well likely move higher, if not we can have a nice short trade.
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crazy strength