If we manage to retake 3780 convincingly, come down and bounce off it on the 15 minute TF, then we can look for longs. If however we stay below, come up and bounce off back downwards, then it's time to look for shorts.
It seems like Bitcoin is compressing here with higher lows and lower highs. It's not clear what to expect when it breaks however, will it be up or down? Marked out are the possible levels it would go in either direction.
After breaking down from the compression area above, we are under a what might become a new resistance. Whether or not it bounces down will give us more information about the direction of the market. If it goes up and bounces off resistance than maybe we are going down again. If not, if we come out and over, then we will wait to see if we bounce off of it and head...
We have two tall wicks into the resistance area, after bouncing twice from the ~3250 lows. The bleed out seems to have several examples of two wicks to the same level with a strong reversal. Indeed we have two smaller candles down to the ~3250 levels and then the bounce up, we are after our second wick up, so it seems like there would be a chance for a reversal to...
