#btc Why I don't consider this a range breakout (yet).

When can you call a pump above some highs a breakout of a range, you might ask yourself, when you've been ranging for months... LTF's might seem choppy. You get these fake pumps above the highs that instantly get sold into and these fake dumps below the lows that instantly get bought back up. So, when do we have a real breakout? How I like to look at it and what I've found is the easiest is looking at weekly closes. Even with weekly closes you're gonna get strong closes and instant rejections but obviously way less than on the LTFs.
In this case you can clearly see the level we haven't closed a weekly above is $74k. We've traded above on the LTF's but we haven't seen continuation or any htf close above that level. Now, again pump above but (so far) failed to hold above and no weekly close above the level (yet). That's why I think the weekly close is going to be important this week. Bulls will gonna want to turn this around ASAP or it's just another fake pump to take liquidity above the highs. We also have a flat weekly low on this candle so the closer we get to that area or any close below $74k and that will become the draw.
Still in longs for now as I want to see some more PA but ready to close and flip quickly if I have to.
Let's see what we get!