BTC Pullback Needed to Sustain Bullish Rally
No doubt, BTC has seen some bullish action. A strong rally has propelled us past the 6.8k resistance and into the mid 7k range on our way to complete the inverse H&S target at around $7,750. In my opinion, it's a matter of time until the bulls get exhausted and we see a pullback that is likely to be healthy. We may get an upthrust into the the target and a rejection. This rejection would represent the BU action after the SOS rally that we are currently enjoying.
Below us, there doesn't seem to be too much established support as seen on the VPVR until the ~6800 range. In my opinion, this would be the perfect level to retest, however, the bullish exuberance and FOMO may contribute to a more shallow pullback than would be ideal. There is a macro trendline that will be in the mid 7200s by the time we pullback that has provided support in the past, but again, stronger support lies just south of 7k (10 and 50 daily EMA confirm this as well).
Depending on where we top out, I'm looking to fill orders starting in the 7200s, 7000s, and 6800s. Be Patient. In the meantime, one could study alts that have potential. Currently, I have my eye on SC and LTC.
Below us, there doesn't seem to be too much established support as seen on the VPVR until the ~6800 range. In my opinion, this would be the perfect level to retest, however, the bullish exuberance and FOMO may contribute to a more shallow pullback than would be ideal. There is a macro trendline that will be in the mid 7200s by the time we pullback that has provided support in the past, but again, stronger support lies just south of 7k (10 and 50 daily EMA confirm this as well).
Depending on where we top out, I'm looking to fill orders starting in the 7200s, 7000s, and 6800s. Be Patient. In the meantime, one could study alts that have potential. Currently, I have my eye on SC and LTC.
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