BTC is running into its last area of resistance (23.5-24.5k) and is just consolidating at the moment
If we start breaking above this level, we could get quick moves to 28-29k as the drop from 32k to 22k ish was very quick, as you can see there is not a lot of market structure going on in that area. So the move back up can happen as fast as it did down.
It would also fit the idea that we have bottomed, so we are now moving back up in 5 waves and are now in wave 3, which is usually the longest and most aggressive one.
For the levels to the downside, I'm mostly interested in 21.5-21.8k, as if we lose that level it could signal more downside to come (14-16k target)
Any questions?
Good luck traders
Remember not to break your rules
Habib
If we start breaking above this level, we could get quick moves to 28-29k as the drop from 32k to 22k ish was very quick, as you can see there is not a lot of market structure going on in that area. So the move back up can happen as fast as it did down.
It would also fit the idea that we have bottomed, so we are now moving back up in 5 waves and are now in wave 3, which is usually the longest and most aggressive one.
For the levels to the downside, I'm mostly interested in 21.5-21.8k, as if we lose that level it could signal more downside to come (14-16k target)
Any questions?
Good luck traders
Remember not to break your rules
Habib
