BTC - Quick 52k Retracement

My opinions are not financial advice!

After a brief consolidation period, a scythe pattern on BTCUSDT.P developed within the past two days. The rise in price can in part be attributed to the debut of the BTCC.B ETF in North America. A Scythe pattern after an uptrend usually indicates a short opportunity.BYBIT:BTCUSD
There are two likely scenarios:

• The weekly H3 pivot is the nearest major support zone for BTCUSDT.P , and a retracement to 52k could likely allow its bullish uptrend to continue.
  
• The weekly H4 pivot is also a likely support zone to watch for taking profit on a short or entering a long position.
  

A bearish divergence on the RSI indicates that a retracement is likely.

Trade fermée: cible de profit atteinte:

It would have probably been wiser to use the daily pivot as I was charting on a small timeframe. The daily pivot would put my target at 54.4k instead of 55.1k, but a 2.8% profit is better than no profit.

Trade type: Short
Percent Gain/Loss: +2.8%

Commentaire:

Support/Resistance identified at 55.2k. Buy wall at 48k, price rebounded, most likely consolidating for the next few days.