Range bound since June, perhaps this setup was to lead into CPI data?
Currently at the 23k pivot line - short term upside 23,755, downside 22,518.
The big upside could push to finally break that 24K resistance while downside can be several scenarios.
1. Bullish harmonic butterfly potential, the min and max extension shown, the minimum lining up with the lower demand and the lowest roughly at 19.6 lining up with a demand from 7/14 *read about bull/bear harmonics*
2. 21.9K demand test - bounce/consolidate/or breakdown.
Currently at the 23k pivot line - short term upside 23,755, downside 22,518.
The big upside could push to finally break that 24K resistance while downside can be several scenarios.
1. Bullish harmonic butterfly potential, the min and max extension shown, the minimum lining up with the lower demand and the lowest roughly at 19.6 lining up with a demand from 7/14 *read about bull/bear harmonics*
2. 21.9K demand test - bounce/consolidate/or breakdown.
Comment:
BTC big move now from then, 23k pivot still proves to be very significant. Wicked to top of box precisely. Still needs to make a new swing higher and pullback retest. Otherwise still in range and overall structurally hasn't changed yet. But as said before, still leaning bullish because it's spending a lot of time in this upper range vs the middle or lower section. If it loses the pivot then leaning bearish. Also no butterfly playing out, would have had to break 23 pivot and 22.5 first
Comment:
BTC - popped out of box, correction of an overextension at 24,277 (also a 7/20 level) Retest of this 2 month consolidation range right here.
