Your Monday morning BTC update. Where do I start on this one, there's a whole lot of uncertainty surrounding the direction of BTC on whether we will break up or down, will we retest the 8800 level, or will we reach 10k before that happens?
In times like these, I know a lot of people (myself included) get caught up looking at the lower timeframes, watching these wicks get thrown around then ultimately return to where they started from, which is what we saw occur overnight. I would encourage you to ZOOM OUT and pay some attention to the higher timeframes and tell me what direction this market is facing.
From what I am seeing right now, on the 1D we are still very much descending, making LH after LH and we still haven't not reached a meaningful on that timeframe yet. Now, I'm not at all saying that we're going to 8800 immediately, we could even see this price flop around within the 9k level for a while, because on the lower timeframes that's all this is doing, moving sideways, creating PA that I would just regard as noise.
Just remember, when in doubt, zoom out. As cliche as that sounds, it's true.