BTCUSDT SPOTLong
BTC Squeeze the Unexpected
Updated
Bitcoin has made an epic move over the course of the last few weeks, into a critical resistance level, slightly front running the all time high.
According to some of the data available, suggestion that retail is actually shorting the Bitcoin price at the moment as they are in disbelief that we will break the all time high, after months of sideways price action.
Bitcoin has currently pulled back to the anchored vwap of the last low before this rip higher, and this area can be classified as a large potnetial bounce zone, as we have seen it before.
Moving into next week, we have big election news, as well as rate cut news, setting up for what may be the most volatile week of the year.
I have a feeling that many people will be looking at this event negatively, and actively trying to short the market. However, I have seen the power of the anchored vwap over and over again, and until the level is broken, lost , and retested, I would rather look at this as a nice potential buy zone to ride this back to the ath.
Only time will tell...
According to some of the data available, suggestion that retail is actually shorting the Bitcoin price at the moment as they are in disbelief that we will break the all time high, after months of sideways price action.
Bitcoin has currently pulled back to the anchored vwap of the last low before this rip higher, and this area can be classified as a large potnetial bounce zone, as we have seen it before.
Moving into next week, we have big election news, as well as rate cut news, setting up for what may be the most volatile week of the year.
I have a feeling that many people will be looking at this event negatively, and actively trying to short the market. However, I have seen the power of the anchored vwap over and over again, and until the level is broken, lost , and retested, I would rather look at this as a nice potential buy zone to ride this back to the ath.
Only time will tell...
Trade closed: target reached
Exactly as plannedNote
I believe we currently have the 5th wave elliot count in from the low of 52k. The current trend based fib extension is providing me with the common target at 80k, with another potential zone at 84k.
At the moment, if 80k is the current resistance, I would like to see an ABC correction back into the CC zone from the start of wave 4-5, set as 71k, which is also a confirmation of the breakout zone. That would be a great long trade.
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If we keep pumping, I will be moving my fibonacci higher, and look for the CC
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One last idea, is the CME gap we will have at approx $76,400 from fridays close. We will see a big gap in price on monday, where the market may be pulled into fill the gap. We also have confluence of the 0.382 Fib level, which can be a continuation level at $75,200 zone to keep the trend moving higher.
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Bitcoin just continue to remind us why it's called bitcoin. If there is weakness I would love to see 80k confirmed as the low, just below the 0.382.
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Generally just looking for compounds / daytrade setups and most recently looking for a bounce here in this zone.
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longer term view of the trend
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POC currently providing support
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Big resistance above at 95kNote
Nice push
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Looking for this scenario next, potential resistance around 98k to either confirm a downtrend, or simply blast through to all time highs
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Coming into the trend based fib extension zone now
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Clear ABC corrective 3 wave structure, increasing probabilities for the lows to be taken. Note
Looking for this triangle to continue to the downside
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