Looking at the chart for the past few hours, what you first notice is not that dramatic. But if you take a moment to think about it, this small retracement is not unusual. Rather, it is exactly what is supposed to happen within an ongoing uptrend.
Price has returned to the Golden Pocket of the previous move, and has also touched the previously reclaimed resistance level. The fact that these two zones come together means that the market is standing in a decision area. Now, will it bounce or go lower - this is the main question. To me, this does not seem like a weak structure yet. Rather, the way the higher timeframe trend is behaving, it can be seen as a potential higher low formation. However, it would be a bit hasty to say anything definitive here, because liquidity has not yet been fully built. Personally, I still maintain a bullish bias. Because the momentum has not been broken yet, and the structure is still maintaining a higher high - higher low sequence. Such retracements often act as fuel for trend continuation.
As a next target, I expect a push towards Monday's high, around $64.2k zone. That area will be interesting, because the market usually reacts there.... either continuation acceleration, or rejection.
This is actually the real test area.
If there is a strong rejection there, and with it a structure break, then the narrative shift occurs. Then I will not blindly hold long. Rather, if the market shows weakness, and a clear break of structure is confirmed on the lower timeframe, then I will start looking for short opportunities. One thing to remember here - the market is never just directionally clean. It hunts liquidity, collects stops, and then moves. So it is important to see such a pullback not only as a "dip" or "correction", but also as a liquidity rebalancing.
All in all, the current situation is like a transition phase. neither fully bullish continuation confirmed, nor bearish reversal confirmed.
And it is at such moments that patience becomes the most important.
Because the mistake is usually in timing, not direction👍
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