BTC reacted to the news of the Grayscale ETF being approved with a 6ish % pump, this has gotten a lot of people speaking about new highs and finally a break above the 31k level.
However, BTC broke its bullish trend and it's current pump is only resulting in the development of bearish diversion with an already apparent decrease in volume. We are also in the middle of a range, and like I've said before, to really be bullish we want to be above the 28,800 level, which we are currently below of.
For now I am watching the price action, however, my expectations are for a lower high to be set in before a lower low, this could also shape up to be a H&S with a neckline at 25ish k.
So for now:
WAIT FOR KEY LEVELS AND MORE PA TO SUGGEST A KEY DIRECTION, HOWEVER PA SUGGESTS MORE DOWNSIDE.
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As we mentioned, the pump was nothing to be excited about. Now we wait but our intuition says we will break lower below the current support
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25k acting as a buying area for now. Lets see the PA to come, I haven't taken a trade yet.
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Our level held perfectly for the move up to 27,400. However, with the market falling btc can't push any further for now. Again we wait for the 25k level and for a subsequent edge in either direction.