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BTCUSD: Signs of healthy accumulation as we march up

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BTCUSD has started trending up in the daily and weekly timeframes, after the monthly downtrend signal expired, failing to meet its bearish target.
The implications are tremendously bullish for BTC, and might send it flying back to the mode at 436 give or take.
The recent leg up, shows buyers stepping in after every push to expand range higher, which is a sign that the trend is healthy, and that is well supported on the way up.

It cleared the first big resistance above today, and it has room to go up still, but the resistances above and the trend target suggest we might see a pause in the advance.
With BTCCNY reaching record volume levels near this top, I'm inclined to think my first target (which was 265) will serve as a cooldown post initially.

Doesn't mean we have to turn bearish, but rather, look to buy the impending pullback at today's bar's 50% level or lower, as long as above the open. Booking profits at today's high makes for a very nice short term trade during a trend.
The recent advance has 4 of said trades, which worked, providing traders with 2:1 r/r in 3 of them and 1:1 in the last one. We have some divergence in CCI, which also implies we might see a pause, unless today's bar shoots much higher.
For now, I'd only trade the long side, buying dips, buying over previous day highs, with the stop at the day's open, and so on, so forth. Buy strength, buy bargain dips.

Good luck!

Ivan Labrie
Time at Mode FX

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Price has reached the next low volume resistance level. If it moves past 272 today, this will be extremely bullish and would most certainly imply price might continue towards the next resistances above, namely: 276, 289 and 310. The weekly time at mode target for a potential retracement or reversal is 282, but the monthly aims for 436. If today's bar reaches 276.40 range will have expanded, and this would be a good sign for continuation.

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Careful:

Let's wait for buyers to step in...or counter short here.

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If buying retracements, (REBZ1/2 trades, see Tim West's publications),
you'd be making some good $ with this trend.
Seems strong so far.

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More accumulation as we go up, very healthy rally so far.
I think it has legs.

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Monthly target

Green boxes are range expansion trades taken using my R.E. Signal indicator to enter on retracement, stop under the open, tp at the range expansion bar high.
7 out of 7 worked so far, and some pullbacks gave r/r higher than 3:1, most 2:1 and one 1:1.
This is Tim West's technique, very powerful methodology.

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8 out of 8 range expansion bars led to a profitable trade, This is a very strong trend.

Monthly picture.
If above, then next level logic.

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We should see a healthy retracement. Wait for the monthly candle to close, then go long on retracement. 257 is a very strong support.

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The previous swing high is a make or break level. If we break it, it will signal that the bulls are not giving way.
It can be very parabolic. Stay vigilant.

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