MTF Short Idea for BTCBefore we see a final wave up to new ATH's, I think we see one more push down closer to the lows of the recent liquidation candle. Price has been moving within this predictive channel and while I don't think it's high probability we hit then bottom of it, I think using it is a nice way to contain price action for now and use it to establish a reasonable target for profits around the middle of the channel.
Since the most recent local lows around 95.6k, price has been following this upwards arcing price action. From my experience these tend to end in impulsive moves upwards, leaving behind limited structure to fall back on safely. I would like to see price impulse up, sweep the local highs around 99.1k, break the arcing support it has been creating and retrace back into the descending channel. I would also like to see high delta and trapped buying above those highs at 99.1k for additional confluence.
It's very important for me to see price retrace back into the descending channel before entering. If we sweep the highs but don't retrace back into the descending channel then it may be flipped as support and at that point I would reconsider my stance on needing a bigger retrace towards the lows of the liquidation candle before beginning a new wave to ATHs. Enjoy!
