Shrek πŸ§…
Shrek πŸ§… 3 minutes reading from Bitcoin

$BTC, BTC, ETH, LTC, NEM: Price Analysis

BTC/USD btc bitcoin

From yesterday's thread, we've now fallen back under black range, and thus, long bias invalidated and leaning bearish now

Another thread of what I'm looking for from here 🧡

[1/5]

BTC/USD btc bitcoin

First and foremost, no interest in entertaining a bull bias until we *at least* reclaim 20.7-20.8k

If/when we do that, we'll go from there

[2/5]

BTC/USD btc Bitcoin

Now, since we've re-entered the blue range, naturally have to lean towards a sweep of range lows @ 19k

If we get that, could just look for a range to range play back up to the mid range or range highs

...but

[3/5]

BTC/USD btc bitcoin

Looking at it in isolation, having deviated+reclaimed blue range makes me think we'll see price trade *below* blue range

At which point... there's not much else to do besides sweep those lows @ 17.5k, or even make new ones

[4/5]

BTC/USD btc bitcoin

Also this most recent leg up gave us a new range to work with, and those range lows being untested adds confluence to the idea that we see a sweep of them

[5/5]

So yea, tldr - back to bearish by default - can start considering flipping bull if we reclaim 20.7k - leaning towards 19k again, but ultimately that sweep of 17.5k or new lows

BTC/USD btc bitcoin

Also, in hindsight, it was really as simple as just selling the .618 retrace 😐

This post is based on this twitter thread.

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