Its pretty common to assume that 3 attempts at resistance is normal before rejecting hard, but Bitcoin has now tried 5 times to break the 200WMA resistance. We havent broken down as yet, but its certainly twitchy bum time.
There are a lot of longs that could potentially get liquidated and send us back down to $20k, BUT, it is also true that the more we make attempts to break resistance, the weaker it becomes...
Although many speculators are selling the narrative that this is now the start of a fresh bull market, I don't believe this is the case at all.
Look back to 2019, we had a retrace, which is exactly what is happening now. Bitcoin is making an attempt to get back to the 0.702 fib extension (in between the 0.786 and 0.618), this range. in June 2019 we rallied from $3,150 to $14,000, but this wasnt a bull run, it was a retrace. The bull run wasnt until a year and a half later.
I plan to take profit in Bitcoin and alt coins in this retrace. As we hit the 0.618 I will start to exit out of the market as we make our way towards the 0.702. I will then sit patiently and accumulate as and when for the rest of this year and towards the Bitcoin halving.
What are your plans?
340% was the 2019 rally, would be nice to do that again this time around.