$BTC breakout above the flag + rebound from the prior monthly high.
The new month has just begun, and we’re already pushing upward since the very start.
Typically, the first move after the start of a new month is a fakeout intended to provide liquidity and trap retail traders in a false move before reversing.
If this is the case here, we should see rejection after sweeping the current range’s high area (87.5K–89.3K).
That rejection will likely confirm a renewed push downward to target the current range lows before pushing again upward.
However, since we’ve also broken the flag pattern, there’s likewise a chance that the full measured breakout continues toward the 93.6K area before an eventual reversal.
The trend is bullish, and it’s more profitable to take long positions on every pullback rather than trying to sell a small top and capture a limited retracement.
My current hypothesis is that we’ll see a push toward the 93.6K–97.9K zone within the next two weeks before entering an extended range, which is likely to continue until next year, before starting the next phase toward the uptrend.
I’ll stay a bit cautious with short positions, but once we push into the 90K levels, I’ll start leaning toward opening some hedging short positions, securing profits from the long positions, and then reopening those longs on the pullback.
The new month has just begun, and we’re already pushing upward since the very start.
Typically, the first move after the start of a new month is a fakeout intended to provide liquidity and trap retail traders in a false move before reversing.
If this is the case here, we should see rejection after sweeping the current range’s high area (87.5K–89.3K).
That rejection will likely confirm a renewed push downward to target the current range lows before pushing again upward.
However, since we’ve also broken the flag pattern, there’s likewise a chance that the full measured breakout continues toward the 93.6K area before an eventual reversal.
The trend is bullish, and it’s more profitable to take long positions on every pullback rather than trying to sell a small top and capture a limited retracement.
My current hypothesis is that we’ll see a push toward the 93.6K–97.9K zone within the next two weeks before entering an extended range, which is likely to continue until next year, before starting the next phase toward the uptrend.
I’ll stay a bit cautious with short positions, but once we push into the 90K levels, I’ll start leaning toward opening some hedging short positions, securing profits from the long positions, and then reopening those longs on the pullback.