CME bitcoin futures termination of trading happens Friday (last of the month) at 4pm London time. We've got about 24 hours. The previous CBOE expiration was preceded by a massive selloff right up to the end (mid-january) -- and then a big rebound rally. So for those expecting another heavy dump, why are we consolidating on support? If there was going to be carnage, it should be happening already, not post-expiry. Instead, we're pressed up against the triangle top, waiting to launch.
We're settled on top of the 11,150 major S/R. Market has been sitting on its hands for days waiting for this date to arrive, bouncing around inside triangles, just killing time. See my other "fractal road" chart for a different view of the same scenario. Neither bulls nor bears have been willing to make a move before the expiry date, so price action has been boring as hell...
Yes, I used a 5-wave 0.00% path to show the impulse. I find it useful to map out possible pullbacks. No, I am not an Elliot Wave guy. Don't expect me to debate the subjective nuances of wave counts :P
The cloud has provided resistance since the recent rebound high of 13K -0.73% , and we hugged the underside perfectly. I've posted this same path curving underneath the cloud as an update on my other recent charts. Now we should come up from below and penetrate for a clear-sky rocket trajectory to 14,600-15,000 max. And look at the retrace fib waiting for us up there at the intersection: the juicy 0.705 "OTE" zone, where happy orders go to get filled ;)