Despite bullish BTC move. BTC to see the 14-15 area stillshowing on this chart are both the last 6 years (top) and months (on bottom). I do this to illustrate the algo phenomenon called the magnetic trade. This Occurs also in daily and weekly levels.
What does magnetic trade mean? Essentially anytime and asset opens a time frame that is far from its new pivot. That point becomes and algo driven magnet to pull price back to it. I have calculated the next yearly pivot. Currently comes in around 14k area at the moment. if you observe the last 6 years of price action you will see this has been and undeniable event traspiring on previous yearly opens to both down and upside.
I am not saying I am bearish. I recently posted a monthly trade from the 17000 area for the monthly H3 which is coming in around 21500 and said I expect that may very well happen first. and we may have a bull run after.....
However I definitely expect the yearly retrace to go as history has shown
