#bitcoin trading plan
1. We have broken down from the range low and tagged previous ATH
2. Most of the news catalysts are over
3. Next two months are historically most bearish months for bitcoin.
4. Old OG whale selling has been the hallmark of previous local tops.
So we may see a small mean reversion pump in Sunday, and correct further into next week.
Price action in this cycle is elevator up and stair down, contrary to typical market behaviour probably due to price agnostic treasury companies buying bitcoin. So the downward movement will be choppy.
I don’t think we will get new ATH until October.
Trading plan: scalp long into monday open then short or add to shorts upto Monday US open.
Invalidation 4H close above 117k.
My local bottom target is 107k which is FIB 61.8 from previous local bottom to ATH.
