Bitcoin: Higher Lows Lead To Higher Highs Watch Longs.Bitcoin / US DollarCOINBASE:BTCUSDMarcPMarketsAfter rejecting the 95K key resistance, Bitcoin is now testing the 90K area (old resistance / new support) and is poised to establish a higher low for the coming week. From here the key is to identify bullish reversal patterns in this area, and wait for them to confirm. Upon confirmation risk/reward can be assessed and a swing trade long can be justified. Now lets talk about profit objectives and anticipated price behavior. The arrow on the chart emphasizes the higher low formation. Higher lows often lead to higher highs. Also notice price continues to consolidate ABOVE the 88K area which I have pointed out extensively as the Wave 1,4 overlap for the broader 5th Wave. It may sound complex, but what it points to is a higher probability that Bitcoin has one more large impulse wave in front of it. This implies that 126K or even higher prices like the 133K area are within range over the next quarter. This is NOT a certainty, but I use this as a road map to shape my own expectations. Risk can be defined by the 88K level. If price breaks below it again, a retrace into the mid to low 80Ks becomes the expectation. And from there waiting to see if bullish reversal patterns appear. Price NEEDS to stay below 88K for an extensive period, like at least a week or more to strengthen the argument that the current structure is NOT an impulse and that a test of high (126K) is less likely. For entries, you can use candle break outs. For example, waiting for a break of a daily high and strong close. The reasonable place for a stop would be the breakout candle low, etc. You can also look for breakout patterns on smaller time frames like 4H ect. How you mange this is really up to your personal preferences and style. The point is, this is a situation where it makes sense to specifically look for breakouts rather than pullbacks into support since the broader structure is coming off of a support level. The main thing is not to lose sight of the fundamental and technical conflict at the moment. Price has retraced in the face of fundamental strength. There are countless events, actions and developments coming from the macro and institutional side along with an easing monetary policy environment. These factors increase the chances of a bullish outcome EVEN if price probes lower in the shorter time horizon. Keep in mind, markets are highly irrational and react to short term perceptions even while the longer term fundamentals and price structure have yet to change. The bigger picture carries more weight, and serves as an optimal guide for expectations. Thank you for considering my analysis and perspective.