BTC Update | Profit-Taking Pays Off & Retest
Yet another example of why we take profit along the way. If you leave your money in trades without taking profits, you'll end up tasting wealth for a brief moment only to watch it vanish again. But now, it doesn’t matter, money has been made. That’s all we care about. 🫡
Bitcoin got rejected from Convergence Cloud TF4 and is now retesting the GP Ribbons. This gives us the opportunity to look for free re-entries or add to positions around these levels, with an eye on the $111,893 - $112,604 zone. Let’s see if it holds! 🙌
BTC Update | Zone 2 Held & Next Moves
Yesterday we mentioned we were expecting support in Zone 2 at $111,408.40 - $113,270.98 to trade towards the $117,000 - $118,200 range.
We were keeping an eye on the lower GP Ribbon which it almost hit. We've seen the expected bounce, leading to a 2.5% 🔼 upward move, finding resistance at the converging tops of Convergence Clouds TF3 & TF5.
The Short Term Trend Indicator flipped bullish, though there was no volume behind this breakout, which could indicate Bitcoin entering a potential consolidation phase. Therefore, we're keeping an eye on volume above the dotted lines.
With this in mind we're looking to trade towards two resistance zones:
🔴 $116,990 - $117,659
🔴 $117,998 - $118,306
Though this means that we're expecting a break of the higher Convergence Cloud, TF4, we're still taking profits along the way. 🙌