BTCUSD

Price action appears to be confirming that and is attempting to retrace off the 66K area minor resistance (See upper arrow). While this price action appears to be bearish it must be considered in light of the broader structure.

Since the March peak, Bitcoin has been in consolidation mode (upon completion of 5 waves). This structure represents a broader HIGHER LOW with 56K established as the bottom of the range. This implies that the broader trend continues to be BULLISH even though recent price action has yet to push major resistances. This is a key piece of context because it helps to shape risk and profit potential for the near future.

How you navigate this will depend on your risk tolerance and trade style but no matter how you look at it, current prices are unattractive for longs on most time horizons in my opinion. The scenario I anticipate this week (see illustration) is a minor retrace to 64K (old resistance/new support) followed by a momentum continuation into the 70K resistance. If a long confirmation appears, this can play out well for traders on shorter time horizons.

While I am optimistic in this regard, I also consider that price CAN break 64K and test 60K again. There is NO way to forecast how the market will behave, ESPECIALLY the longer the time horizon.

I prefer to wait for a new allocation on a new token from Binance Launchpool. It will give me more profit with less risks. Trading BTC is very dangerous now. Very bad risk/reward ratio.

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