ATH is around the corner for BTC

ATH is around the corner for BTC

tradeles

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I believe the rally on BTC this morning is the start of a move toward new ATHs. There are a couple of things pointing in this direction. Sure we might see a bit of a drop before continuation to the upside, but I think it will be constrained.

Take a look at the image below. Here you can see volume profile for the previous move towards the 67,100 level. The point of control is centered around the 61,800 level. The volume profile for the next thrust to the upside shows us a very different picture. The point of control is very close to the top of the move (66,150 at this very moment). CVD continues to decline while prices continue higher, and we are not seeing much of a retracement (for now, at least).

The all-time high on Bitcoin is 67,160. I think we will see a breach of that level this week. At this point, I do think any small retracements are solid options for possible long positions. I am sure many traders are expecting the CME gap to be closed within the nearest future - I am not too sure about this.

Closing the gap should bring the price of BTCUSD back down to 61,325. I am currently looking to scale in long, at the following levels:


64,700 -  63,350 - 62,050 and 61,350. My stop will be around the 60,000 level.

Let's see where this will take us.



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