The wycoff structure here was not textbook. I was expecting the upthrust before the spring , but it didn’t come. I realized that the reason for that was the 200MA on the daily which is one of the strongest MA’s that you may call “live or die” line. Hence i will call September 11 and 12 highs as the upthrust, even though it’s not text book.
Now, price is making higher lows and higher highs, just below the huge resistance at 49-50k. There are Sign of Strength (SOS) and Last Point Of Support ( LPS ). If we manage to break this resistance, we will start a new rally. I think we have enough fuel in the tank to cross this resistance.
That said, i closed my take profits and back to fully invested mode. It was a small portion anyway for risk management purposes.
The news i’m watching now is the FED meeting on Sep 21-22. I was expecting this date to be the dip at 42, but i don’t expect a nose dive from this point, yet the date is still important, because FED can anounce tapering and that is not good news for risk assets like Bitcoin , so i’m also prepared to take a short if this happens.
As always, i’m probably wrong. Trade safe :)