We closed our long position in BTC at +51.77% for now. It's a bit disappointing considering it was around +70% at one point. The opening was at 89,717.60$, and the closing was at 91,265.91$.
At the same time, our goal is to enter long again, as the uptrend on the 3-hour timeframe remains in force. Simply put, it may be possible to improve the entry point and increase your position at the expense of current profits.
Currently, several moments are confusing for the continuation of the rise:
- Yesterday's rise occurred through a "Bearish Wedge" and now the price has shown a breakout and the start of its execution. So far, a retest of the breakout has been achieved on the lower time frames. The full target is around $87,650. And this is overall already close to our liquidation ($87,098). I wouldn't want to exit at the stop in breakeven, having caught a decent movement.
- On the 3-hour time frame, the situation at the moment was similar to the "Evening Star" pattern, increasing the likelihood of a continued correction. Although in the last minutes of the candles, the price is showing a rebound and so far leaves a shadow below - this is also concerning.
- There are two marks of potential highs on the 3-hour time frame.
- There is a mark of a potential high on the 4-hour time frame.
- The downtrends on the 4- and 5-hour time frames have not yet been broken and are putting pressure on the price (in the latter case, the level of potential breakdown $92,134 is being tested by an increase).
- The uptrend has been lost on the 15-minute time frame (UPD - after the post was released - and on the 30-minute time frame).
So far, buyers have been able to partially absorb the pressure from sellers. But the very fact of their pressure, along with the wedge and high marks on the hourly time frames, raises questions about the ability to continue the rise without correction.
