Forecast: BTC tends to consolidate and rally. Once it does rally, it has little to no pullbacks. Final stage, will be accelerated climb followed by a mid-term correction.
Masses common reaction: - During consolidation period, wants BTC to dip lower to buy cheap BTC, - During rally, wants BTC to retrace to get a safe entry. - Only during accelerated climb, FOMO in as they do not have a position and end up buying the short-term top.
My advice: - Build your position during consolidation period and if it does dip to 8000, buy more.
Confluence for trade idea: 1) Monthly support level 2) Monthly Open acting as support (Daily candles could not close below it) 3) Last lowest weekly close acting as support 4) Daily grey box - Daily demand zone 5) 100 Day normal and exponential moving average 6) Near bottom of triangle (Tightening of range)
Confirmation: - Weekly candle close above weekly resistance
Invalidation: - Daily candle close below daily grey box
Other key levels mark out: 1) 3RD Quarter Open - Blue line at 10761 2) Weekly resistance - Thick black line at 11671 3) 2018 Open - Black line at 13873 4) First target - Red dotted line at 15k 5) Final target - Grey box
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