Daily Report – Bitcoin and Market Update (April 15 2021)
Today’s concise market report reads on middaily chart of BTCUSD with one main conclusion to be noted. Namely, BTC broke out to 65k area and subsequently provided traders with intraday dump which may be associated with coinbase IPO. As mentioned many times before, trading btc should come equipped with more and more caution every day as we proceed with the bull market. It’s never safe to trade an asset which had made 1600%+ profits in a year as the upside potential is limited. I’m not expecting BTC to make more than 2x from current rates but that you know well already from me. Key condition to validate the breakout of the range for BTC is so that it closes the day over the prior ATH at 61788. BPRO volatility analysis suggests that bitcoin resisted at short-range volatility band. Those bands too often work as resistance to ignore them. Since we had the breakout, there’s a high chance of upside continuation towards target derived from BPRO, that is: 72029, 79768, 92269. Key level to hold based on the BPRO indications is Breaker High at 59529, which is essential for the trend not to be fake. In case of validating the fakeout scenario with daily close deep below 61788 or worse – below the baseline support, it would mean BTC being back in the Wyckoff distribution scheme. At no point should you stay chill and easy about your trades now. There’s no certainty in general but the higher we climb on the bull market, the riskier and more volatile it becomes. Remember, when the bull market reversal comes, you will see $30-50k daily candles swinging up and down to wipe out the entire fresh money joining late. Those will be the liquidity providers for the big players. Keep learning and improve not to become just a liquidity provider. Worst case support test I can see now based on BPRO is BWAP at 52.5k
NUPL chart shows local ratio increase meaning investors have not capitalized aggressively in past few days. It also reveals local sentiment factor set with bullish intentions and expectations. Whenever BTC decides to flash NUPL over 0.75, I’m aggressively selling out BTC to another markets. I’m not planning to leave crypto at all, but I’ll definitely realize vast majority of all of me profits from this bull run. This is out of question. Remember, if you don’t realize your insane profits, somebody else will do this for you.
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