Last weeks high: $36748.0
Last weeks low: $33314.9
Midpoint: $29881.7
Bitcoins crazy rally continues after smashing through the 32k resistance that has limited BTC's progress all year. After 18 months and multiple HTF attempts to reclaim the level the bulls have managed it, and by doing so a FVG has been created.
This FVG starts at 31850 and ends at 32500, which is the HTF S/R level. I've said before I'd like to see a retest of this level to see if this rally is serious in the long run or if it's more of a fakeout. That retest would also see price fall below the supporting trendline. This isn't the end of the world but it does give an indication that the bulls are running out of fuel and that the trend may be turning. For now it's a no trade zone while we're experiencing LTF chop between the midpoint and 0.75 range line.
It's also worth noting that SBF is taking the stand in court currently. This may not mean much but it only takes one comment for the market to react.
Last weeks low: $33314.9
Midpoint: $29881.7
Bitcoins crazy rally continues after smashing through the 32k resistance that has limited BTC's progress all year. After 18 months and multiple HTF attempts to reclaim the level the bulls have managed it, and by doing so a FVG has been created.
This FVG starts at 31850 and ends at 32500, which is the HTF S/R level. I've said before I'd like to see a retest of this level to see if this rally is serious in the long run or if it's more of a fakeout. That retest would also see price fall below the supporting trendline. This isn't the end of the world but it does give an indication that the bulls are running out of fuel and that the trend may be turning. For now it's a no trade zone while we're experiencing LTF chop between the midpoint and 0.75 range line.
It's also worth noting that SBF is taking the stand in court currently. This may not mean much but it only takes one comment for the market to react.
