$BTC Don't long here...

Two scenarios:

1. This is only a deviation, and price retraces the entire move over the next couple weeks before sweeping the previous lows at 74K. This scenario becomes much less likely if weekly candles start closing above the previous range highs.

2. Price forms a new range and consolidates in the 80K's, forming a multi-month range before another leg higher.

Scenario 2 is already becoming more likely, and that likelihood will continue to increase if more weekly candles close above the previous range highs.

Either way, longing here doesn't make sense. It's better to wait for the optimal entries in the green zones.

As for why I'm only looking for longs, I've mentioned it multiple times. The trend has shifted, and shorting is now against the trend.