BTC Approaching ATH and Measured move
BTC is approaching ATH amid the release of the new Bitcoin ETF and has been on a tear today.
If we look at the Crypto fear and greed scale, it is at 75, which is high in greed, therefore could signal a SELL sign and a pullback to breakout levels.
I will probably be selling some position here, and seeing if it breaks ATH before selling the rest and buying back at a level of support.
I would personally like to see a test of ATH and if it cannot break within the next couple days, a retest and hold of the 60k mental support level to try and test ATH levels again.
If that cannot happen, I expect a pullback down into the original breakout zone of around 50k, which coincides with the 50% retracement level of the latest move. I believe this level could become a great level of structure for BTC in the long term.
KEY ZONES:
Resistances:
ATH = 64,900
after that, just mental whole numbers : 65k, 70k, etc
Supports / Areas of Structure:
60,000 = mental support, not much previous support
50,000 - 52,000 = previous support between March and May, very strong structure, coincides with the 50% retracement level.
If we look at the Crypto fear and greed scale, it is at 75, which is high in greed, therefore could signal a SELL sign and a pullback to breakout levels.
I will probably be selling some position here, and seeing if it breaks ATH before selling the rest and buying back at a level of support.
I would personally like to see a test of ATH and if it cannot break within the next couple days, a retest and hold of the 60k mental support level to try and test ATH levels again.
If that cannot happen, I expect a pullback down into the original breakout zone of around 50k, which coincides with the 50% retracement level of the latest move. I believe this level could become a great level of structure for BTC in the long term.
KEY ZONES:
Resistances:
ATH = 64,900
after that, just mental whole numbers : 65k, 70k, etc
Supports / Areas of Structure:
60,000 = mental support, not much previous support
50,000 - 52,000 = previous support between March and May, very strong structure, coincides with the 50% retracement level.
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