$BTC Pennant Breakout + Bounced From Prev. M-High.
The new month just started and we're already pushing towards the upside right at the start of the month.
Now usually, the first move after a new month starts is a fake one to manufacture liquidity and trap retail before reversing.
If that's the case here, then we should see a rejection following the sweep of the current local range high region (87.5K-89.3K).
Rejection there will validate a push back down to take out the current range lows before pushing back towards the upside.
However, given that we also broke out of a pennant, there's also the possibility of a full measured breakout move playing out into the 93.6K region before a reversal.
The trend is bullish, and it's way more profitable to long every pullback rather than trying to short a pico top and catch a small pullback.
My current thesis is that we'll see a push into the 93.6K-97.9K region within the next 2 weeks before entering a prolonged range, which will likely extend into next year, before the next leg to the upside.
Will be a bit careful with shorts, but once we push into the 90Ks, I'll start leaning towards opening hedge shorts, securing profits from the longs, and then reloading those longs again on the pullback. #BTC Price Analysis# #Macro Insights#
The new month just started and we're already pushing towards the upside right at the start of the month.
Now usually, the first move after a new month starts is a fake one to manufacture liquidity and trap retail before reversing.
If that's the case here, then we should see a rejection following the sweep of the current local range high region (87.5K-89.3K).
Rejection there will validate a push back down to take out the current range lows before pushing back towards the upside.
However, given that we also broke out of a pennant, there's also the possibility of a full measured breakout move playing out into the 93.6K region before a reversal.
The trend is bullish, and it's way more profitable to long every pullback rather than trying to short a pico top and catch a small pullback.
My current thesis is that we'll see a push into the 93.6K-97.9K region within the next 2 weeks before entering a prolonged range, which will likely extend into next year, before the next leg to the upside.
Will be a bit careful with shorts, but once we push into the 90Ks, I'll start leaning towards opening hedge shorts, securing profits from the longs, and then reloading those longs again on the pullback. #BTC Price Analysis# #Macro Insights#
