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$BTC - The base case is playing out on the low-timeframes, as I covered in some of my prior updates, with a short-term pullback now unfolding.
That said, the price is currently testing the bottom of the 2D Bull Market Support Band, which has been a strong reversal spot over the last couple of months.
Because of this, if the price fails to hold above it in the next couple of hours or days, I’ll be looking to once again scale into partial hedges in order to mitigate the short-term downside risk, since a breakdown would open the door for a deeper pullback on the low-timeframes.
For now though, with the current market structure, the base case remains intact, and I still believe that a reversal to the upside will follow next, as this move looks like a flush of overleveraged longs.