Bitcoin has rallied off the buy signal that I wrote about over the previous week. In order to confirm follow through, price needs to CLOSE decisively above 120K this week. This means a solid candle close, NO pin bars. This needs to be followed by a new candle that breaks the previous candle high quickly, and NOT close weak. The blue rectangle on the chart represents a consolidation resistance where price is likely to test and potentially reject. The question that the market needs to answer is: can price push through this without any effort, OR does it get stuck and start to form bearish candles or reversals?
The wave count that I have been referring to in previous analysis is still intact. Subwave 4 never overlapped subwave 1 which means this move is most likely subwave 5. If you are maintaining a profit, it would be wise to trail your stop at least by two previous candle lows on this time frame. At this moment there is NO reason to sell since there is nothing but strength, BUT understand that it can change at a moments notice. It is within reason to wait and see IF price breaks out and if you are long from my price suggestion in my previous analysis, you have the luxury and flexibility to wait it out.
I regularly bring this up during my analysis streams, Wave 5's, ESPECIALLY 5th of 5th waves (which is what this is), imply that the market is highly vulnerable but this WILL not be obvious in any way. Wave 5's can be interpreted as the next wave to follow is LIKELY a corrective structure. This may take some weeks or longer to play out, but knowing that this is a Wave 5 should tell you that risk on the LONG side is ELEVATED. Increasing risk at these levels (same goes for the stock market) is unwise in my humble opinion. Price can run into the 130Ks or higher before it peaks there is NO way to know with any certainty (unless you are Michael Saylor).
Potential catalysts over the next few months can easily change things (NFP, CPI, FOMC meetings). What determines value, especially over the short term is the perception of the future and NOT reality. All it takes is a new "narrative" to proliferate.
Thank you for considering my analysis and perspective.
The wave count that I have been referring to in previous analysis is still intact. Subwave 4 never overlapped subwave 1 which means this move is most likely subwave 5. If you are maintaining a profit, it would be wise to trail your stop at least by two previous candle lows on this time frame. At this moment there is NO reason to sell since there is nothing but strength, BUT understand that it can change at a moments notice. It is within reason to wait and see IF price breaks out and if you are long from my price suggestion in my previous analysis, you have the luxury and flexibility to wait it out.
I regularly bring this up during my analysis streams, Wave 5's, ESPECIALLY 5th of 5th waves (which is what this is), imply that the market is highly vulnerable but this WILL not be obvious in any way. Wave 5's can be interpreted as the next wave to follow is LIKELY a corrective structure. This may take some weeks or longer to play out, but knowing that this is a Wave 5 should tell you that risk on the LONG side is ELEVATED. Increasing risk at these levels (same goes for the stock market) is unwise in my humble opinion. Price can run into the 130Ks or higher before it peaks there is NO way to know with any certainty (unless you are Michael Saylor).
Potential catalysts over the next few months can easily change things (NFP, CPI, FOMC meetings). What determines value, especially over the short term is the perception of the future and NOT reality. All it takes is a new "narrative" to proliferate.
Thank you for considering my analysis and perspective.
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Watch Full Trade Scanner Pro Tutorial: youtu.be/fdFLhLnqM9A
Related publications
Disclaimer
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I hosted ICTC 2025: whitebit.com/m/ICTC-2025
Try Trade Scanner Pro for FREE: bit.ly/TSCPRO
LIVE Day Trades: youtube.com/@marcpmarkets.signals
Watch Full Trade Scanner Pro Tutorial: youtu.be/fdFLhLnqM9A
Try Trade Scanner Pro for FREE: bit.ly/TSCPRO
LIVE Day Trades: youtube.com/@marcpmarkets.signals
Watch Full Trade Scanner Pro Tutorial: youtu.be/fdFLhLnqM9A
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.