✋Bitcoin Market Update✋
An update on the current Bitcoin structure:
Bitcoin is still trading within the previously identified range between $62,631 and $65,277.
Yesterday, BTC formed a local high around $64,876. If price revisits this level, reacts from it, and forms a higher low above $64,088, we could consider opening a long position before the major resistance at $65,277. The reason is that the compression within the current range is becoming increasingly tight, which increases the probability of an earlier momentum move.
On the other hand, if the $64,876 resistance is subjected to a fake breakout, a break below $64,088 could provide an opportunity for an early short position, ahead of the main range support.
Bitcoin Dominance (BTC.D) is also giving us an important signal: so far, BTC.D has been moving in the same direction as Bitcoin. Therefore, for a long setup, it may be preferable to focus on BTC itself or coins with a bullish BTC pair structure. Conversely, for a short setup, the focus can be on BTC or coins with a bearish BTC pair structure.
Stay tuned for the next analyses.
The objective is not to predict which side will break.
The objective is to wait for the market to reveal its direction and then respond to the data.
📍CONVEXA TAKE📍
BTC is compressing inside a major range while volume continues to decline across the structure.
The longer this compression persists, the more significant the eventual breakout becomes.
Patience remains the position until confirmation arrives.
Not financial advice.🚨🚨
CONVEXA
An update on the current Bitcoin structure:
Bitcoin is still trading within the previously identified range between $62,631 and $65,277.
Yesterday, BTC formed a local high around $64,876. If price revisits this level, reacts from it, and forms a higher low above $64,088, we could consider opening a long position before the major resistance at $65,277. The reason is that the compression within the current range is becoming increasingly tight, which increases the probability of an earlier momentum move.
On the other hand, if the $64,876 resistance is subjected to a fake breakout, a break below $64,088 could provide an opportunity for an early short position, ahead of the main range support.
Bitcoin Dominance (BTC.D) is also giving us an important signal: so far, BTC.D has been moving in the same direction as Bitcoin. Therefore, for a long setup, it may be preferable to focus on BTC itself or coins with a bullish BTC pair structure. Conversely, for a short setup, the focus can be on BTC or coins with a bearish BTC pair structure.
Stay tuned for the next analyses.
The objective is not to predict which side will break.
The objective is to wait for the market to reveal its direction and then respond to the data.
📍CONVEXA TAKE📍
BTC is compressing inside a major range while volume continues to decline across the structure.
The longer this compression persists, the more significant the eventual breakout becomes.
Patience remains the position until confirmation arrives.
Not financial advice.🚨🚨
CONVEXA
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.