Good morning!
Taking a look at BTC/USD today
- The volume is still low, too low for my liking & it’s causing sideways price action for the moment.
- As a result of this, we’re not making any LL’s or HH’s, so we’re in a stagnant place for BTC, to guess the ultimate direction of this asset at the moment is pure speculation, however we can use some of the information we have available to us to try and get the most likely scenario
- Currently, we’ve been rejected at this Supply Zone at 10900. We’ve made an attempt to reach it which has failed to create new structure and we are currently attempting again
- Taking into account the Volume, we’re looking less and less likely to continue to our Higher Quality Supply Zone at the 11100 & 11200 level.
- Not that I’m huge fan of Trend lines, I can’t ignore the one that is forming over current price & this could also be a bearish scenario.
In the way of the upside potential, we need to push this trend line and confidently break past this level of Supply to confirm new structure, this would allow us to see 10900 and beyond for the short term.
This unfortunately has been a waiting game for some time now & still is.
Taking a look at BTC/USD today
- The volume is still low, too low for my liking & it’s causing sideways price action for the moment.
- As a result of this, we’re not making any LL’s or HH’s, so we’re in a stagnant place for BTC, to guess the ultimate direction of this asset at the moment is pure speculation, however we can use some of the information we have available to us to try and get the most likely scenario
- Currently, we’ve been rejected at this Supply Zone at 10900. We’ve made an attempt to reach it which has failed to create new structure and we are currently attempting again
- Taking into account the Volume, we’re looking less and less likely to continue to our Higher Quality Supply Zone at the 11100 & 11200 level.
- Not that I’m huge fan of Trend lines, I can’t ignore the one that is forming over current price & this could also be a bearish scenario.
In the way of the upside potential, we need to push this trend line and confidently break past this level of Supply to confirm new structure, this would allow us to see 10900 and beyond for the short term.
This unfortunately has been a waiting game for some time now & still is.