Im going to attempt to walk through my full thought process as it relates to Bitcoin. Headlines are abundant and provide a hundred reasons not to allocate. My core focus here is…
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Im going to attempt to walk through my full thought process as it relates to Bitcoin. Headlines are abundant and provide a hundred reasons not to allocate. My core focus here is purely on price given …
Im going to attempt to walk through my full thought process as it relates to Bitcoin. Headlines are abundant and provide a hundred reasons not to allocate. My core focus here is purely on price given this is a reflection of all market views and collective action. So how I am thinking is the following: > I distinctively remember an excellent trader saying 'people would be much better off if they traded the 1M chart instead of LTF'. If we are to view the 1Y/1M it's evident we are in a range between 2025 lows and highs with a concrete 1M reclaim occurring in August 26. > 2025 lows are sitting at $74.3K and remain a core invalidation level if we see a monthly close below this level. Equally on 1M there is a supply order block starting at $83K which thus far has provided resistance for price. I expect the mid 80s to be critical but once they crack I expect a violent move to the upside. > As per with any range low reclaim you want to be looking to long a rest of the lows and aiming towards the mid range atleast. Therefore, think any dips towards high 70s targeting 96-104K would be the next trade thats on the table. > If this idea were to be invalidated there would be earlier signs that emerge being the 1W 50 SMA cracking and price trading below there for a considerable duration. The longer price trades above the 1W 50 SMA the stronger my conviction the idea will not be invalidated. Any price action inbetween to me is irrelevant. I understand people trade much lower timeframes than I do and on leverage. What I am watching purely is the monthly closes and my outlined levels. If these levels are not invalidated then I only see the need to be patient. In summary, high to mid 70s remain attractive, no invalidation has occurred on the 1M and looks to be an accumulation phase after breaking above key levels until proven otherwise. Price is king. Turn off the news. $BTC
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