Bitcoin is showing us the strength, therefore I suppose the significant correction as I mentioned in my previous article will be later. Today I will show you the potential local trade to catch the potential trend continuation.
We will use the 1h time frame of the BTCUSDT chart. Here we can see the local consolidation, which has the higher highs and higher lows. Moreover BTC has created the upper liquidity trendline. It would be too easy if the market will continue pumping without any trick. I suppose that the deviation could be this trap for both sides on the market – bulls and bears.
On the trendline breakout market can create the fake out, we can see the hint on the RSI indicator which has the potential bearish divergence. I expect the pump to $21700 and the long squeeze after that. The potential short here is not a good idea becuase we have super strong bull market. The potential local correction could be ended at the Fibonacci golden pocket at $19900. Here I am planning to open long with the stop loss below the local impulse beginning. Only this trade has the appropriate risk to reward.
Best regards, Ivan