BTC Potential Short-Term Pullback

19 May

BTCUSDT could be setting itself up for a short-term pullback.

It might be forming a Daily RSI Bear Divergence, with the latest retest of the the main supply zone, and RSI Divs/Breakouts have been reliable leading signals for recent BTC PA.

Key Levels to Watch
• $119k - Measured wedge target, confirmed with last month's breakout.
• $106.2k-$109.5k - Main supply and ATH, a sustained break above it would invalidate any bearish PA.
• $89.6k-$91.9k - Lots of confluence here:
- Unmitigated daily FVG
- The 200-day EMA is sitting there
- A move here would be between 0.5 and 0.618 Fib retracement of the last leg up, consistent with the typical pullback length of Wave 2 (Elliott Waves theory)
- It has also been an important S/R since November 2024, and a retracement here could form an Inverse Head and Shoulders pattern.

I would be patient with it, as I still see a lot of uncertainty short-term, but I think a pullback to ~$90k could offer a great long entry. Worth keeping a close eye on it.

22 May

Emir iptal

Setup invalidated with the break above the main supply zone and ATH.
We could see a continuation towards the wedge target at $119k.