Is Bitcoins Range Box maybe hiding a bearish secret ? CAUTION ?
I have been talking about his range box that PA is in for a while and, at the same time, referenceing the previous 2 times PA has done this this Cycle.
But I also pointed out recently how this range is slightly different and possibly in a bearish way..
And I just found this on a 4 hour chart, which if true, could point towards PA taking a sudden drop to bottom of Range or Lower.
As you can see, PA has ranged across and just got rejected off the Upper trendline of a descending channel. The Fib Retracements levels seem to offer support
There is a vertical line on 1st April to give you a marlker to work on as main chart is a daily and this chart is 4 hour.
PA could continue to range horizontalyt till around 3rd March before hitting trend line again.
If PA tries to break out, it will hit it earlier.
In my head, I always have that Still open CME Gap at 77K - 82K
This is a perfect opportunity to buy Bitcoin at a discount if we get down there.
I do have an open SPOT BUY order at 78600 just in case. I would not expect PA to remain down there for very long, so I have placed my order above what I consider to be the possible Low.
None of this may happen BUT I find it prudent to be aware of all possibilities.
