Quick update on my #Bitcoin chart. Today's move gave us a much cleaner range and suggests that we may have just printed a heavy spring/bullish SFP (volume on spring is heavier than volume on sc). If the interpretation plays out, then we should expect to get a higher low on lesser volume than the spring as a test to confirm it before price breaks out to a new ATH.
Another lens to look at this through is OI. If OI starts declining while price tightens, it signals shorts covering, and that would be bullish confirmation of a successful test. If OI continues rising on lower closes, however, it means distribution’s extending.
If viewing it through the lens of Elliott Wave Theory, then we can note only three waves up off the ar/sc swing low while printing a new swing high which suggests the range is a flat correction. And that would also mean price is ultimately headed higher. So, let's see how this plays out.
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