#bitcoin has moved into a new subcycle between $81k-$89k after establishing the former resistance channel ($76k–$71k) as support.
The price paused at top of resistance channel($86k) and is currently testing the bottom of channel helping to fill advanced buy orders, since we have fully sold this channel and the average price Short Hedge Position is near the 50% level($83k) of channel.
If the price rises to $89k, it opens a high-probability window to advance another subcycle and we’ll be ready to double the short hedge position between $92k-$100k, following break of the 3-point control level without a subcycle reversal — which dramatically increases the probability that next move will be a full retracement, opening an opportunity to close out the short hedge position.
The target for hedge position is below $78k down to support channel — this target changes if price advances to $89k after testing lower zone current resistance channel.
Our expectation is that #BTC price will complete a full rotation in this subcycle, once we reach 100% and create a distribution zone within the current channel, where we have been for about 18 days.
Time matters because it generates volume, traps traders in certain key regions and wears down investors’ patience.
In our last analysis, we emphasized that in addition to the short position — which we’ve increased and continue to increase within current resistance channel, just as we do in all channels — the new long position we’ve begun building in previous resistance channel acts as a counterbalance to hedge that has already paid off and we’re taking the same approach in current channel($81k–$86k) because the same movement may or may not occur.
If the market completes a full retracement down to support channel of current subcycle, we will close 95% Short Hedge Position (increasing amount BTC) and double the advanced Long Position we’re building in the current channel — the expected average price for this position is $72k–$73k under this scenario.
#technicalanalyst #ta $BTC
The price paused at top of resistance channel($86k) and is currently testing the bottom of channel helping to fill advanced buy orders, since we have fully sold this channel and the average price Short Hedge Position is near the 50% level($83k) of channel.
If the price rises to $89k, it opens a high-probability window to advance another subcycle and we’ll be ready to double the short hedge position between $92k-$100k, following break of the 3-point control level without a subcycle reversal — which dramatically increases the probability that next move will be a full retracement, opening an opportunity to close out the short hedge position.
The target for hedge position is below $78k down to support channel — this target changes if price advances to $89k after testing lower zone current resistance channel.
Our expectation is that #BTC price will complete a full rotation in this subcycle, once we reach 100% and create a distribution zone within the current channel, where we have been for about 18 days.
Time matters because it generates volume, traps traders in certain key regions and wears down investors’ patience.
In our last analysis, we emphasized that in addition to the short position — which we’ve increased and continue to increase within current resistance channel, just as we do in all channels — the new long position we’ve begun building in previous resistance channel acts as a counterbalance to hedge that has already paid off and we’re taking the same approach in current channel($81k–$86k) because the same movement may or may not occur.
If the market completes a full retracement down to support channel of current subcycle, we will close 95% Short Hedge Position (increasing amount BTC) and double the advanced Long Position we’re building in the current channel — the expected average price for this position is $72k–$73k under this scenario.
#technicalanalyst #ta $BTC