It's not over until the fat whale sings
Congrats to those that took the last two trades with me! We fell to pretty much exactly the yellow line I had indicated, during which I closed my short in profit and flipped long instead. After that we had a nice little run-up on increasing volume.
We have now been consolidating and fell a little bit, but on low volume. The last hour we made a pretty strong bounce at the top of the 4hr bullish continuation zone and formed a bullish hammer. The daily candle also shows a green candle now above resistance, implying continuation to the upside.
Our target zone is marked through the .272 and .618 fib extensions. We are reaching a dangerous point where there is a good chance bitcoin will soon begin a strong retracement impulse, so close all longs somewhere in that fib extension range and start looking to flip short again.
We have now been consolidating and fell a little bit, but on low volume. The last hour we made a pretty strong bounce at the top of the 4hr bullish continuation zone and formed a bullish hammer. The daily candle also shows a green candle now above resistance, implying continuation to the upside.
Our target zone is marked through the .272 and .618 fib extensions. We are reaching a dangerous point where there is a good chance bitcoin will soon begin a strong retracement impulse, so close all longs somewhere in that fib extension range and start looking to flip short again.
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