Weekly Daily

BTC has moved almost 50% from its break of 75000 on 11/6 and has been strong ever since. Investors are happily holding their shares and with a lot of conviction behind this retailers are also adding here expecting to move price even higher. $100,000 was a very psychological level that retail and big investors talked about and looking at the chart I believe it to be extended. There is something that caught my eye that may be under the radar for many

IMO, I believe that BTC needs to pull back more to move higher. As seen in the past, the price ranged from 49423 to 39309 before breaking out into its new range.

Notice that after every range breakout, there has been a retest from it breakout level before making a new leg higher

RANGE BREAKOUT 1

• This was the first range created between 31860-25130 BTC was in at the start of this bull run in March of 2022

  • After price broke put over 25130, price reached a supply area at 31860. BUT before making another leg higher price needed to retest 25130 before moving higher
  • Price action shows 25130 was a strong demand area for buyers and a great add spot for investors.

  RANGE BREAKOUT 2

  

• After price broke out of range 1, range 2 has been formed from 49423 (Psyc Lvl 50000)- 39309

  • Before breaking out of that range to move higher price needed to retest its previous supply level which is now its demand at 39309
  • Demand held nicely giving investors another valid add/buy are if there were looking to invest.

RANGE BREAKOUT 3

• Before making another leg higher after hitting another psychological level at 75000 price had to eventually pull back to the demand it broke out of at 49423

Present…

After ranging ALL YEAR from 75000-49423 price finally broke out of this major range and pushed to the psyc level all investors were talking about at $100,000

NEW RANGE: 108960-74637

• From BTC’s price actions history it is safe to say after a range breakout that there is going to be a retest of the previous major supply area before breaking ATH and making another move higher

The major retest level I will be looking out for is $75,000

On the Intraday I believe that a pullback can still be expected

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