GM ☕️ A relief bounce for $BTC was due, with many shorts selling into rLow. On this small bounce, many new longs are opening, creating fresh downside liquidity. The latest push was mainly driven by shorts closing or getting liquidated. Without aggressive spot intent, momentum is fading just below major resistance! So for now my base case remains a sweep of the intraday highs, a test and rejection at rVAL, then continuation lower to fill inefficiencies and sweep major liquidity. Acceptance into value, reclaiming and holding above rVAL, would open the door for a much larger bounce, with rVAH as the ultimate target (not my base case). For now, we simply wait. Once a major level gets tested, we can assess the OrderFlow: If price tests rVAL and shows weakness in the OrderFlow, I’ll take a new short, fully close my long, and target new lows. (NFA!) #Bitcoin #BTC
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