BTC price got an excellent bounce from the 50 Day EMA/SMA and regained 20 EMA. Even though the move looks great with a bullish engulfing candle, the volume is still below average. What needs to be monitored next is the smaller timeframe and higher low and higher high pattern. BTC price needs to move above 57500, preferably retest that level and then move up with volume. Once we see price gaining support above 57300, then yes, reversal is confirmed and it is time to party all time high again. on the downside again 50300 would be the level to watch for a break. Today's price range actually made the targets for long entry and stop loss easier. I would plan to put yet another long position above 57300 on a retest (I sometimes nibble on the first crack and then on the retest) and put stop loss on majority of my current longs on 3/25 low. Let's see how things play out. I would prefer BTC ranges for a while to give ALTs room to make the head start. Whenever ALTs get a head start and BTC catches up, the market as a whole moves a lot further.
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It's go time!!!
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Got a little bit of swing failure action here. BTC is notorious about shaking people out off both long and short positions. The support line is still holding though. Even if the support line breaks, the game is still not over; just have to rethink the next steps. Sideways action for BTC mostly is good sign.
