I believe that BTC has entered a falling wedge pattern. I think that sentiment is still very bullish with Consensus ongoing in NYC. I would look to enter around 8050-8075 and the bottom support of the wedge would be my stop-loss for this trade. I am looking for an upwards break of the falling wedge and will reevaluate then.
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If BTC refuses to touch the support of the wedge again I will consider that to be very bullish and place a buy in anticipation of a breaking of the wedge.
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Seems to be playing out well so far. Will be looking to add a little lower than this. I think the current bounce is temporary and weak.
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I think the bounce is near, but not completely here yet. I'm setting buys around 8030 and going to bed.
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BTC appears to be slowly, but surely following my idea. I will be looking to go long on a breakout of this wedge or on lower support of the wedge. Just watching for now.