Bitcoin: March 29th, 2024
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Hi. Hope you're doing well!
After a massive run-up, BTC is resting above 2021 ATH i.e. 69K. Macro is definitely bullish, and it will remain so until a major BOS/MSB occurs in the daily timeframe. Until then, dips are for buying. However, locating the genuine dip and identifying the local trend is key if one is looking to enter fresh longs or take profits.
Locally, BTC seems to be putting in a lower high, which indicates sell pressure. The confirmation for a downward local trend will be in when 69K is decisively broken to the downside. I am waiting for a 12H candle close below 69K to take profits on my longs. As long as we hold above 69K, I will keep my longs open and running.
Moreover, I find it hard to fathom that we'll move lower. The confluence of support around 69K is massive: a. EMAs 12, 21 b. VWAPs of the uptrend and the correction c. POC d. Golden pocket of the correction leg.
In case of a breakdown, the golden pocket of the latest uptrend, coupled with the quarterly level and weekly FVG, seems like a decent area to be looking for fresh longs.
After a massive run-up, BTC is resting above 2021 ATH i.e. 69K. Macro is definitely bullish, and it will remain so until a major BOS/MSB occurs in the daily timeframe. Until then, dips are for buying. However, locating the genuine dip and identifying the local trend is key if one is looking to enter fresh longs or take profits.
Locally, BTC seems to be putting in a lower high, which indicates sell pressure. The confirmation for a downward local trend will be in when 69K is decisively broken to the downside. I am waiting for a 12H candle close below 69K to take profits on my longs. As long as we hold above 69K, I will keep my longs open and running.
Moreover, I find it hard to fathom that we'll move lower. The confluence of support around 69K is massive: a. EMAs 12, 21 b. VWAPs of the uptrend and the correction c. POC d. Golden pocket of the correction leg.
In case of a breakdown, the golden pocket of the latest uptrend, coupled with the quarterly level and weekly FVG, seems like a decent area to be looking for fresh longs.
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