Little reaction from what is widely regarded as strong bullish news has left many expecting another fall back to the low 6000s.
Flagging on the lower time frames does appear to back this up, although to me its looking like a expanding wedge which may signal a reversal.
We are still to hit Julys trendline and Im looking for the long squeeze to touch it, or false breakout to the .786 fib (BTC favourite fib), then back up to the .5 fib at 8k.
Not much of an EW guy but I'm sure this satisfies that going into a wave 5 on the daily?
Laddering longs from 6630-6850 with a stop at around 6530.
If support breaks, I'll be happy to pick up some BTC cheap as chips later in the year.
Flagging on the lower time frames does appear to back this up, although to me its looking like a expanding wedge which may signal a reversal.
We are still to hit Julys trendline and Im looking for the long squeeze to touch it, or false breakout to the .786 fib (BTC favourite fib), then back up to the .5 fib at 8k.
Not much of an EW guy but I'm sure this satisfies that going into a wave 5 on the daily?
Laddering longs from 6630-6850 with a stop at around 6530.
If support breaks, I'll be happy to pick up some BTC cheap as chips later in the year.