As mentioned, this is where volatility was always going to pick up as leveraged positions get flushed out.
That was a brutal one hour candle from $92 straight down into the $86 handle. A classic liquidation move.
Submicro Wave 3 completed as a clean 1.618 extension of submicro Wave 1, which is exactly what we look for in a strong impulsive structure.
Now the focus turns to the submicro Wave 4 correction. Once that completes, we should see the final push higher to complete the larger Primary Wave 3.
Depending on your entry and overall strategy, this is also the zone where some traders may look to lock in partial profits ahead of the bigger Primary Wave 4 correction. That correction is likely to be multi week in nature before the next major leg higher begins with Primary Wave 5.
Volatility is back. Structure remains intact. This is all part of the process.
#BTC jumped over the resistance but end up bein closed below the zone. Daily candle had a huge rejection wick, and back in the range now. Price still try to move up and have to wait patiently for a breakout now.
Would really like to see a push toward the range high around $250. Market structure looks promising — let’s see how price behaves over the coming weeks. Stay patient. React if you’re holding 👀💎