BTC has been performing some bull moves over the past couple of days, but on the macro it's still not out of the woods yet.
Some of the support that BTC obliterated when it was falling down a $3300 staircase a few weeks ago has naturally loomed as resistance, which we are starting to challenge now in a meaningful way.
As far as support goes, the first major area is the Kumo, while the S/R flip from a bit ago still stands by to add more supply. If BTC just takes the fuck off (which, I mean, with this much blood out there it might could be finna do just that...anything is possible in a ~$100B market) it's still got a couple layers of resistance looming before the $5k's.
A pullback seems very likely here, and the range of that pullback is going to define the nature of this recent move. If we can return to the area of the S/R flip (~$3650) with notably oversold conditions then my expectation is bullishness. If we fail to make a higher low however, then all this bounce has done is trap more buyers in a lower low....where the $2500 neighborhood has some Fibonacci confluence as a new low.
With price action like this, a short looks juicy but one may be better served by just sitting on ones hands until a pattern can show up on higher timeframes. To the scalpers out there: Just do your fuckin' thing.
Not advice, keep that risk tight butthole homies.
Some of the support that BTC obliterated when it was falling down a $3300 staircase a few weeks ago has naturally loomed as resistance, which we are starting to challenge now in a meaningful way.
As far as support goes, the first major area is the Kumo, while the S/R flip from a bit ago still stands by to add more supply. If BTC just takes the fuck off (which, I mean, with this much blood out there it might could be finna do just that...anything is possible in a ~$100B market) it's still got a couple layers of resistance looming before the $5k's.
A pullback seems very likely here, and the range of that pullback is going to define the nature of this recent move. If we can return to the area of the S/R flip (~$3650) with notably oversold conditions then my expectation is bullishness. If we fail to make a higher low however, then all this bounce has done is trap more buyers in a lower low....where the $2500 neighborhood has some Fibonacci confluence as a new low.
With price action like this, a short looks juicy but one may be better served by just sitting on ones hands until a pattern can show up on higher timeframes. To the scalpers out there: Just do your fuckin' thing.
Not advice, keep that risk tight butthole homies.