BTC Neutral, minor pullback near 63k?This idea is inspired by the growing number of limit sells occurring near the global ath. The last time there was such an order block region was back when we were at 40k after the drop from 52k, potentially suggesting an incoming correction.
Brief:
-No momentum div. uptrend likely to continue
-Large limit sells near 64k
-Hitting resistance at 61k from 1.618 fib, neckline of distribution pattern near march highs
-Support at 50k if corrects now, or 55k if corrects near 66k-70k
-Bars pattern possibly playing out again
-Wave 3 may not be complete since it is shorter than wave 1.
-Entry if weekly close under 60k, TP if entry started: 53k, 50k, 47k
- Large Whale holdings (>1k BTC) decreasing, but small-med. size whales accumulating
Since momentum is higher at wave 3 rather than wave 1, and the price has also followed higher highs, I believe we may be in an impulse trend rather than a corrective one as corrective waves end with a momentum divergence. Wave 3 may not even be complete given the lack of divergences, but if correction appears it may find support near 50k.
If weekly closes under 60k today, would recommend entering a short then, else wait for momentum divergence as we head toward 66k-70k. We could be seeing a repetition of bar patterns playing out many times considering the global ath distribution and the run-up to 50k from 28k played out similarly.
With whales taking profit near here, it is a bit concerning as we are on a resistance trendline. But I have confidence that in the grand scheme of things this is nothing to worry about as we are in an uptrend supported by entities other than retail .