We have finally seen BTCUSD shift to take out the last weekly swing high. To me, this signals a shift in market structure. Be prepared to see price waffle around up here this week; to be followed over the coming weeks with a run below $6000 to take out the long holders and shake weak hands. Eyes will be on a stop run to the 4100 - 4500 level before the bull market begins.
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Here is a screenshot of the 2015 shift in market structure to illustrate what I mean
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All going to plan so far. BTC is playing the levels nicely at the moment.
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The weekly level has now been hit. Time to look for bullish price action.
Now is a good time to be buying spot. I won't be leveraging longs until the shift to bull trend is confirmed. Saying that, I will be looking to scalp longs until confirmation of the reversal
@NicholasPrice, Good summary mate. What are your thoughts on the $6000 level?
To me, it 'appears strong' which strengthens my conviction that it will be breached before the bull market can really begin. Just watching social media with the perma-bulls celebrating at the moment says there hasn't been enough pain yet. I can only imagine how many stops are resting down there.