I decided to make my short target at around 50.8k, and that is where I start laddering longs.
*50k area is confluent with the 0.286 Fibonacci area.
*50.8k is confluent with a bullish order block on the daily timeframe.
If Bitcoin is to remain bullish, it needs to close and remain above this 50k area.
If BTC grinds lower than 50k and closes lower, it could mean more bearish price action will be coming.
However, if BTC wicks below 50k and recovers quickly, it will likely remain bullish.
*50k area is confluent with the 0.286 Fibonacci area.
*50.8k is confluent with a bullish order block on the daily timeframe.
If Bitcoin is to remain bullish, it needs to close and remain above this 50k area.
If BTC grinds lower than 50k and closes lower, it could mean more bearish price action will be coming.
However, if BTC wicks below 50k and recovers quickly, it will likely remain bullish.