Bitcoin Price Update. What trade are we taking and why.
1. In the middle of March we had the SFP of the high which SFP'd the range highs, creating a three drive pattern (a pattern which has been repeating since we made ATH / topped at $125k).
2. We then had confirmation with a shift and underside retest of the range high (This is where we entered short for those of you who watch the market update videos).
3. At this stage, the only real trouble zone and last line of defence before a run to range lows was $65k / the midrange point which has consistently held throughout this consolidation.
4. Since bouncing from $65k, we've pushed up with momentum back above range highs, with a bullish retest of range highs on the lower timeframes.
We're now looking at the next logical area to look to enter a trade or potential reversal - which for me would be around March highs, or slightly above at the nPOC + Febuary highs where a volume imbalnce also resides.
Until price reaches on of them two zones I'm happy to sit on my hands and wait.
A more indepth market update video will be released later on this week!
https://x.com/EmperorBTC/status/2041871693959065946?s=20
