1. A break upside 48.6k on maintained signs of strength.
2. A retest of 47k showing light supply remaining at the area.
-> What would need to happen for me to consider 44k;
if a break under 46.5k-47k happens on signs of supply emerging back on maintained strength, I would look for scalp selling entries to around 44k-45k, or as soon as this selling interest is going to show signs of diminishing.
-Since btc is moving into testing area back and forth , price and interest has to be monitored each time it’s touching major areas. –
As for the weekly, we can see we were into the retracement of the 30k to 52k area. Which retest the 40k zone of this HH showing supply absorption wicking price to the upside on last week closure, showing that buyers still having the power overall on bigger terms, and that price would wick again 50k-52k or higher, before going lower. And a break under the 40k on SOW would need to happens to consider a serious drop to 30k again.
Compared to the last time it did move upside 47k , it did this time show stronger demand, and an increase of it. Stating that there’s fuel to reach 50k, as it did the last time it showed the same characteristics during mid-April.
Update going to be shared as price moves.
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