Quick update on some key $BTC levels to watch.
Price is above weekly & monthly opens and working its way up towards the PWH - thats where I definitely think it makes sense to be hedged in case we see some hesitation. The quarterly open is also just a bit above that PWH so that entire area is worth considering for a hedge.
If we then switch to the AVWAP suite - we can see that price is now above the 3M rolling vwap after getting a bounce from around the 12M rvwap. The 6M rvwap is down near 72.3k and pretty flat at the moment. If we did find a rejection sooner than later and we head back down - that is where I will be looking.
Lastly, if we look at the key SMAs, we are heading up towards the 50 sma which is currently right above the PWH around 82k. If we manage to keep pushing, the 800 sma is up right around the PMH at 87k.
For now I am staying bullish on this move until the chart begins to give clear signs of weakness or rejection. Hedging our longs on a push higher makes sense but I am happy to add to longs on a move lower for higher low.