As also Simon from the ParadiseTeam has been mentioning in | MyCryptoParadise.com
As also Simon from the ParadiseTeam has been mentioning in the previous video, the breakout happened without pumping up the greed in the market or put people into a FOMO mode by making them to open overleveraged long positions. Thanks to this, we can clearly understand that the current push in the market was driven by spot and new inflow of money because alts were not totally stagnant but even that BTC Dominance was rising they were going up along with BTC.
So because the breakout was healthy and happened perfectly during the fear in the market, the real bullish news about ETF approvals was extremely well faded keeping people frozen to take an action, which is still the case.
Until the sentiment shift will change and you will see Saylor buying Bitcoin again and mass media pushing extreme bullish news, we can expect continuous growth without being too worried about unexpected correction. Once the shift in market starts, we will be preparing our shorts again.
What’s Next?!
Now about the upcoming PA development:
As you can see on the HTF Bitcoin chart above, we are forming a perfect cup and handle reversal pattern at the bottom.
After the successful falling wedge (handle) breakout, thanks to which we overcame all the important resistances, we can expect BTC to slow down a bit and consolidate in the white zone for a while, which will be perfect scenario for strong and powerful altcoins to grow exponentially
A successful reclaim of the neckline resistance of the cup and handle pattern would be additional confirmation of a massive bull trend towards $79k to unfold, as it would signal an extreme strength of this pattern.
As we are already in a HTF bull trend, by creating HH and HL while also supported by still holding above our purple line 50MA, we expect in a few weeks to fill the CME futures gap at $35k while also strike the liquidity pool GAP at $38k which was observed also by the ParadiseTeam and in detail described here (click it). Further PA development in detail will be described after we hit $35-38k.
Rough Price Action strategy is a s follows:
$35k-38k - PENDING
$43k - PENDING
Important Correction (will be updated) - PENDING
$79k - PENDING
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