As you can see in the chart I have marked 3 areas in the chart which I consider to be important areas in our recent price action. In the first area you can these gigantic green candles. When Bitcoin is having a major runup it often pulls back to the levels where the huge green candles are. I think it should not surprise anyone that these candles have to be resolved before we can continue this amazing runup we are having.
I can definitely see BTC just keep going to 6k or even more without major dip but there are 2 reasons why I publish this chart.
The first reason is that the area of the biggest candles aligns with important Fib Level.
The second reason is that we recently left our main upward support we had since 5k.
THIS MIGHT BE NOTHING. But I feel like if we don't get back on track soon. We might get a little pullback to the area shown in the chart.
I am not telling you to sell your Bitcoin or even short! But if you are thinking about getting some more of it: You can use this idea to set up some Limit Orders.
If it gets triggered: Great! You got yourself some cheaper BTC.
If not: At least you were prepared!
In case 4900 doesn't hold, I would also recommend setting up some buy orders around 4600 and 4400.
Happy Trading!