When BTC breaks through, if you look at the pattern, it’s a bullish wedge. Also, it really formed a bullish continuation pattern within a rectangle, and then, together with the news catalyst, it broke out with a surge in volume. This also includes the single wick on the candle from yesterday in an instant—regarding shorts, it doesn’t feel too good, but I did it with a stop-loss/breakeven approach to limit risk.
Although the price has broken out, these past few days of shorting haven’t resulted in much loss. Also, if the current outcome breaks through and holds above 80k again, then at least it still needs to form another high. The weekly chart’s MA resistance line is around 84k, and on the daily chart, as long as it makes one more high, it will show a bearish divergence. If, at that time, it also matches a top-forming pattern, I’ll enter a short again. For now, the level I’m watching is the 83k–84k range.
Although the price has broken out, these past few days of shorting haven’t resulted in much loss. Also, if the current outcome breaks through and holds above 80k again, then at least it still needs to form another high. The weekly chart’s MA resistance line is around 84k, and on the daily chart, as long as it makes one more high, it will show a bearish divergence. If, at that time, it also matches a top-forming pattern, I’ll enter a short again. For now, the level I’m watching is the 83k–84k range.
