Last weeks high: $30408.4
Last weeks low: $29885.7
Midpoint: $29363.0
For the first time in 4 weeks BTC has begun the week below 30K. The last time that happened price was at the ~26.5k but had a bullish momentum behind it. This time is different, the SEC Vs Ripple case (despite its positive outcome) has completely given up its gains and returned to the lower boundary of this long term range. A range that is becoming very compact in this previous week.
The story is still the same in my opinion as it has been for some weeks now. 32.5k is still the target for the bulls to grab supply.
The bears are looking to fill the large FVG all the way down to 26.5K area.
In conclusion:
IF price gets to 32.5k --> SFP back into range --> Short
IF price gets to 26.5K --> Shows strength --> Long back up to local highs
That's how I'm looking at this market, the chop is not very profitable right now for me.
Last weeks low: $29885.7
Midpoint: $29363.0
For the first time in 4 weeks BTC has begun the week below 30K. The last time that happened price was at the ~26.5k but had a bullish momentum behind it. This time is different, the SEC Vs Ripple case (despite its positive outcome) has completely given up its gains and returned to the lower boundary of this long term range. A range that is becoming very compact in this previous week.
The story is still the same in my opinion as it has been for some weeks now. 32.5k is still the target for the bulls to grab supply.
The bears are looking to fill the large FVG all the way down to 26.5K area.
In conclusion:
IF price gets to 32.5k --> SFP back into range --> Short
IF price gets to 26.5K --> Shows strength --> Long back up to local highs
That's how I'm looking at this market, the chop is not very profitable right now for me.
Comment:
After rejecting off the midpoint BTC has plummeted below last weeks low and has retested to confirm as resistance. If last weeks low is not reclaimed it looks like the bears may get to work at filling the FVG below.