Over the weekend we were watching for the BTC CME gap to get filled and that has already been fulfilled now. In fact, price action is sitting right on that level still.
The BTC chart itself shows a number of possibilities. We still have the falling wedge that price is respecting and a strong support level below. I am watching for another drive lower, likely closer to the support level than the previous lows have been. And from there, technical analysis would suggest that we should break out higher form the falling wedge. If 25k support is lost, that would be a very bearish idea. But the chart is currently bias bullish on this timeframe.
My recommendation is have long and short positions prepared, so you are ready to respond to the bullish or bearish scenarios when they arise.
Over the weekend we were watching for the BTC CME gap to get filled and that has already been fulfilled now. In fact, price action is sitting right on that level still.
The BTC chart itself shows a number of possibilities. We still have the falling wedge that price is respecting and a strong support level below. I am watching for another drive lower, likely closer to the support level than the previous lows have been. And from there, technical analysis would suggest that we should break out higher form the falling wedge. If 25k support is lost, that would be a very bearish idea. But the chart is currently bias bullish on this timeframe.
My recommendation is have long and short positions prepared, so you are ready to respond to the bullish or bearish scenarios when they arise.