BTC has battled to getting back to just being below ATHs. Typically after the price action that has occurred an asset must "battle" to break out. Essentially this means as a previous ATH is approached a trading range tightens, volume thins, brief bouts with volatile moves occurs and a struggle for direction happens as a tug of war between bears and bulls is happening. This is typically the price action before a breakout to new ATHs. In my chart I see a wedge forming in which bitcoin will break higher and approach ATHs and once this is closed above we will see further buying and another strong move higher. This will be faded given the market going from having a strong presence of buys back to a more normal equilibrium. After this we will proceed higher. During this price discovery move higher I would be neutral Bitcoin and look for indications as to where it will go next. For the time being though as long as we remain below the previous ATH I remain Long and Bullish. After we break to all time new highs look to see overbought conditions as possible opportunities to short and make some gains on a pull back. However, I don't believe we will get a serious pullback again until $100,000.
Just a note. What I have shown as happening after we break out of this wedge triangle higher is just a thought. I or no one truly knows the exact future path any asset will take. Just the direction is undeniable. Like surfing a wave. You can have an idea of where it is going but you also don't know everything and just be flexible to adjust to how it flows.
Just a note. What I have shown as happening after we break out of this wedge triangle higher is just a thought. I or no one truly knows the exact future path any asset will take. Just the direction is undeniable. Like surfing a wave. You can have an idea of where it is going but you also don't know everything and just be flexible to adjust to how it flows.