In the last technical analysis update, I emphasized that the $64k support level increases likelihood that #BTC price will rebound and continue its recovery.
We’ve circled it in yellow ($78k) — a new control point, a new subcycle— the price is here and has successfully completed a full rotation.
I increased my Short Hedge positions during this move by filling orders mainly within the resistance channel ($71k–$76k) — as I mentioned I would do about a month ago!
The Long position in the support channel we built during last bearish move — a two-channel retracement — paid off and has already been completely closed.
#Bitcoin price has not yet broken out of the current subcycle — to do so, it must break through $78k or $58k.
If the price establishes current resistance channel ($71k–$76k) as new support, it opens the door for $78k to be broken and for price to expand into a new subcycle, setting a target at $81k–$89k — this move will only occur if $73k holds as the main support (former resistance — new support).
I’ve started building a new Long position within the current resistance channel ($76k–$71k) — in anticipation that this channel will flip to support, countering active Short Hedge.
Staying humble in the face of volatility, building positions, and prepared for movements in both directions of the market. #BTC Price Analysis# #Macro Insights# #TechnicalAnalysis $BTC
We’ve circled it in yellow ($78k) — a new control point, a new subcycle— the price is here and has successfully completed a full rotation.
I increased my Short Hedge positions during this move by filling orders mainly within the resistance channel ($71k–$76k) — as I mentioned I would do about a month ago!
The Long position in the support channel we built during last bearish move — a two-channel retracement — paid off and has already been completely closed.
#Bitcoin price has not yet broken out of the current subcycle — to do so, it must break through $78k or $58k.
If the price establishes current resistance channel ($71k–$76k) as new support, it opens the door for $78k to be broken and for price to expand into a new subcycle, setting a target at $81k–$89k — this move will only occur if $73k holds as the main support (former resistance — new support).
I’ve started building a new Long position within the current resistance channel ($76k–$71k) — in anticipation that this channel will flip to support, countering active Short Hedge.
Staying humble in the face of volatility, building positions, and prepared for movements in both directions of the market. #BTC Price Analysis# #Macro Insights# #TechnicalAnalysis $BTC