Attention‼️#Bitcoin lost the range again!
What now?
First and foremost, a reminder: we are in a bull market, and this is a correction.
This is not a rally in a bear market.
Or in other words, the high time frame trend is up no matter what.
#Bull market indicators:
- #Bearmarket bottom in Nov '22
- Breakout above MA 200 daily, dropping back below -> Accumulation
- Strong breakout above MA & THE major htf resistance in Oct 2023
- New ATH in March '24
- Only higher highs and higher lows for 18 month
-> This can't be a bear market
This bias is crucial for the fundamental assumption, namely that we will see a trend continuation.
Now, the only question is where and when.
1️⃣ Let's first have a look at the monthly chart.
The most obvious level is 48k/49k.
1. It is a crucial htf level. We were happy to break it in Feb 24'.
2. There's a huge imbalance down to exactly there. As we can see, not every imbalance gets closed, but most of them do.
3. It is the 0.5 fibonacci level drawn from the last monthly swing low.
This is level would be the perfect level for a strong bullish retest - the level to go all in (if you share my bias that this is a bull run).
2️⃣ On the weekly chart, 52k is the most important level.
1. Major htf s/r-level
2. Weekly imbalance until 52k
3. 0.382 from bottom to top
4. 0.618 from last swing low to top
3️⃣ If we zoom in even further, 57k becomes an important level as well.
1. 0.5 from last swing low
2. Key area on the way up in Feb
3. Perfect level for a deviation / trap
4. $BTC bounced here 2 months ago (May 1st) What we've seen in the last few days is a strong downtrend and a loss of important support levels.
If Bitcoin closes daily back inside the range, that would be a huge bounce / buy pressure.If not, we will see 52k or 48/49k.
No matter which scenario plays out, I believe in the trend continuation until proven otherwise and am betting heavily on this.
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