$BTC—Looking out for an opportunity to add to my long position
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Some thoughts below, however also find annotations directly on the chart.
The short squeeze previously did not allow an opportunity for a retest of the prior breakout, the concept of squaring up can give traders the opportunity for an entry opportunity at this level. Of course there is much more confluence I am considering for this level. The current continuation pattern has left a target that lines up directly with a retest of the prior bullish OB. Not only that, but we find a daily horizontal S/R level as well as the log diagonal support.
This target is further appropriate, as it lies within the weekly bullish OB I have mentioned in the past. I believe this will ultimately be the best area0 to accumulate a long position in the greater macro trend.
The short squeeze previously did not allow an opportunity for a retest of the prior breakout, the concept of squaring up can give traders the opportunity for an entry opportunity at this level. Of course there is much more confluence I am considering for this level. The current continuation pattern has left a target that lines up directly with a retest of the prior bullish OB. Not only that, but we find a daily horizontal S/R level as well as the log diagonal support.
This target is further appropriate, as it lies within the weekly bullish OB I have mentioned in the past. I believe this will ultimately be the best area0 to accumulate a long position in the greater macro trend.
Note
BTC daily closed below a weekly S/R.
Note
Weekly S/R is the white line at 7366.7Note
BTC 4 hour retested the breakout, creating bearish hidden div on the CMF. All candle closes have remained below the weekly S/R level so I remain bearish. This weekly S/R level is the white dashed line.
Hourly chart showing price holding below both the Slow MAs and the weekly resistance. Multiple rejections by both.
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