Price is compression between a strong support level at 25.1k and local downtrend market structure (blue line on chart).
In order to see any upside from BTC, that market structure will be the first thing that needs to be overcome. I am watching for BTC to push further into the price compression area before making a move (likely that we see a move with upcoming US economic news release later this week). Additionally, I am opting to not trade in this price compression area and trade longs/shorts once the price compression breaks and a new trend is identified.
Price is compression between a strong support level at 25.1k and local downtrend market structure (blue line on chart).
In order to see any upside from BTC, that market structure will be the first thing that needs to be overcome. I am watching for BTC to push further into the price compression area before making a move (likely that we see a move with upcoming US economic news release later this week). Additionally, I am opting to not trade in this price compression area and trade longs/shorts once the price compression breaks and a new trend is identified.