- BTC has moved higher recently after breaking through support
- This region has now become resistance and this can be shown so far by the rejection of price on that last push
- We haven't really seen bulls come in with volume to defend these prices and with the gap still open below, the odds are high on a fill soon
- We would need to regain this supply zone for longs to look appealing again but until then, the trade is still to short rallies
- The unfilled gap remains near $3,150 and with month end tomorrow, we could see some volatility
- Bulls would need to step in with force on that gap fill or else we could see massive stop runs below the lows and the 2k handle will be a reality
- Shorting either the initial test of supply or the block EQ would be ideal spots for a move back down to fill the gap
Comment:
so far, trade has gone our way. We rejected the supply zone and could be heading down to that zone below