Daily Report – Bitcoin and Market Update (April 17 2021)
Today’s middaily session brought the last minute decline to reverse to the mean again. Is that bearish? I don’t think that just yet. It’s presented actual price-action fakeout on top, another one in the series of past few weeks but as long as it holds the baseline, short-medium term bulls are safe. BWAP support is flat at 52.7k and in case of mean breakdown and sell signal flash on BPRO, BTCUSD may be trading at 52000s in some time if that’s the case. Daily close below the baseline level of 60862 (Breaker High) would mean sell signal established on BPRO, which Im going to naturally respect and follow as that’s my trading system I fully trust. As long as the baseline support is held, we should be looking up towards 73643 and 81555. If sell signal arrives, I switch to look down to the mean 57805 and Breaker Low of 52443 which combined with BWAP 52.7k creates a demand zone based on average volatility. Long story short: BTCUSD is balancing on the edge of a local breakdown which would have non-bullish implications but rather neutral than bearish per se. Keep in mind that Wyckoff distribution scheme as I had mentioned many times before. Inexperienced traders would keep pulling up this chart to prove their narrative and bias after missing out on pumps. Still, worst case I see is so that it sweeps the lows of 43k, fake out bears on the bottom, create a liquidity zone for major institutions to enter BTCUSD big for the last wave of the bull market, which should take us to 90-120k+ areas. More details as always are available to exclusive subscribers in #video-report channel.
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