Things have been choppy on the lower TFs. Let's take a step back and look at the weekly for more clarity.
Wyckoff: We are still in a valid Phase D JAC. From a weekly prospective, we can pause here and continue to rally, and so far, there has been no indication that we are doing anything other than that. I'm of the opinion that we are in a downward sloping macro trading range, and thus the top of the current range would be around 9.3k. In general, nothing has changed from a Wyckoff Prospective.
Quick S/R Analysis: We broke through the order block resistance formed at the end of May and were able to close well above it last week. The current price action shows us retesting this level (7.7k - 7.35k), which is very healthy action.[ If this level holds, the bullishness will likely resume. Additional support within this OB support are the 10 and 50 weekly EMAs sitting at an average of ~7.41k
If these support levels break, I am looking at a retest of the 6.8k level. The VPVR indicates that the developing POC is just overhead at about 8.2k which corresponds with the highest volume node in this range. We should expect that it will take significant effort to close above this level.
Weekly Bullish Target: 8.5k, 9.2k
Weekly Bearish/ Points of Entry Targets: 7.4k, 6.8k
Looking at the Daily:
Wyckoff: We had a very nice strong break out of the accumulation TR that led into a mini re-accumulation TR at the low 7k levels representing a minor SoS. As BTC is an impulsive asset, we didn't see a deep back up out of the gate and thus we may be getting the BU now after a major sign of strength. This BU is currently testing the top of the small re-accumulation TR.
I'd prefer the BU to not go deeper than around ~7.3k, but some would still say the BU in the overall context of the Daily TR is still bullish to 6.8k.
Quick S/R Analysis: We broke through the 10 EMA for the first time since 6.3k. The 50 EMA is curving up to provide support and is currently at ~7.3k.
The VPVR is showing a high volume node around 7.4k which also coincides with the 50% retracement level.
Daily Bullish Target: 8.1k, 8.5k, 8.9k
Daily Bearish/ Point of Entry Targets: 7.4k, 6.8k
In summary, I am long here but 7.4k is a real possibility. If we do get there, I will enter again. Below that point, I will have to determine whether the market can sustain a 6.8k test.
Wyckoff: We are still in a valid Phase D JAC. From a weekly prospective, we can pause here and continue to rally, and so far, there has been no indication that we are doing anything other than that. I'm of the opinion that we are in a downward sloping macro trading range, and thus the top of the current range would be around 9.3k. In general, nothing has changed from a Wyckoff Prospective.
Quick S/R Analysis: We broke through the order block resistance formed at the end of May and were able to close well above it last week. The current price action shows us retesting this level (7.7k - 7.35k), which is very healthy action.[ If this level holds, the bullishness will likely resume. Additional support within this OB support are the 10 and 50 weekly EMAs sitting at an average of ~7.41k
Weekly Bullish Target: 8.5k, 9.2k
Weekly Bearish/ Points of Entry Targets: 7.4k, 6.8k
Looking at the Daily:
Wyckoff: We had a very nice strong break out of the accumulation TR that led into a mini re-accumulation TR at the low 7k levels representing a minor SoS. As BTC is an impulsive asset, we didn't see a deep back up out of the gate and thus we may be getting the BU now after a major sign of strength. This BU is currently testing the top of the small re-accumulation TR.
Quick S/R Analysis: We broke through the 10 EMA for the first time since 6.3k. The 50 EMA is curving up to provide support and is currently at ~7.3k.
Daily Bullish Target: 8.1k, 8.5k, 8.9k
Daily Bearish/ Point of Entry Targets: 7.4k, 6.8k
In summary, I am long here but 7.4k is a real possibility. If we do get there, I will enter again. Below that point, I will have to determine whether the market can sustain a 6.8k test.