What to do next
Alright, good drop on bitcoin. Confirming our pinpointed TP 69k was a good area of liquidity once again after longing 62/63k.
Liquidity, where people go long late, close their shorts (at the worst time), and even buy spot (did you see the spot premium spike?).
All things we consider to TP into and sell our longs into correctly and chose our targets as a pullback is coming after that local distribution is done.
Now that the drop has materialized, it helps me explain why TP'ing is so important, even if our target lies higher.
As indeed, we now go into this drop calmly and comfortably, with profits in our hands.
Profits which can be used for new positions, or to sit back with and enjoy, or deploy more into spot (accumulate), whatever your personal goal is.
My job, is to (show you how to) make money (USD), which is completed, taken out at the top, and ready for multiple purposes, rinse and repeat.
In terms of price, my thoughts are the expectations of price trading slightly lower still from here.
Not something I fear, but something I welcome exactly because we took opportunity at 69k.
Given we identified this leg as a strong leg (and took a long on it), it's most likely going to make a higher low with continuation.
With legs like this, I already explained numerous times from where continuation is logical. Indeed just under the 0.5 of the recent 62k > 69k leg, and the overall midrange of our range in confluence.
If we don't hold that zone, that's no good and we likely see the last zone of defence (defending new lows): 61k.
Personally don't think that will happen, you know my overall thesis, and not expecting it, but I'll welcome it as another long opportunity and another trade.
Meanwhile, enjoy as this pullback goes a bit further, with a welcoming and calm feeling, where the market does what it's supposed to do: rest and digest gains into late liquidity.
Planned, executed, completion in progress.
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