Breakout w volume, still rejected! What's next?
Updated
Okay so I'm really confused by this price action. We had accumulation and a clear harmonic pattern in play. I thought it was going all the way to the 1.618, apparently it got blocked HARD after breaking the 1.272. I'm thinking this might even be enough to force a temporary retracement.
I've marked the probable bounce zone for you. The area towards the bottom would be a .5 retracement of the entire impulse. This will be max retracement in a bullish wave 3, if this is the case then we have a lot higher to go eventually. Somewhere into the mid-40s most likely.
It's also possible we consolidate here and then move up again. I closed my long in profit although far later than I wanted. Did not expect that nasty rejection.
Tbh I've flipped short for a potential developing scalp play, but it's risky no matter which way you cut it rn. That's why I'm recommended a 'Neutral' investment strategy as of this moment until we break below 38.7 or back above 39.5.
I've marked the probable bounce zone for you. The area towards the bottom would be a .5 retracement of the entire impulse. This will be max retracement in a bullish wave 3, if this is the case then we have a lot higher to go eventually. Somewhere into the mid-40s most likely.
It's also possible we consolidate here and then move up again. I closed my long in profit although far later than I wanted. Did not expect that nasty rejection.
Tbh I've flipped short for a potential developing scalp play, but it's risky no matter which way you cut it rn. That's why I'm recommended a 'Neutral' investment strategy as of this moment until we break below 38.7 or back above 39.5.
Note
I've realized if this is a bearish harmonic shark pattern then the retracement will ideally be the halfway point between B and C, which would take us all the way back down to $36,150. Be wary of entering a long higher up where I indicated the buy zone was, if this is indeed the case the retracement may be deeper.Note
Now this is looking like either another distribution zone or btc getting ready to go higher. They never make this easy.
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