BTC: Inside Trading Chop
Updated
Lots of supply overhead, not much demand below. BTC has held the daily support so far, and looks to be coming in to test it again. Lose that, and there's a longer term support below.
Two daily resistances above, and lots of supply zones. BTC has been in a downtrend for the entire month of April.
Strong bullish divergence has been printed, we'll hopefully get a relief bounce soon. Bulls first goal would be a daily close above the candle printed on 26th April (40414.5 on this chart). Price action can be scammy on the weekends with lower volumes, so Monday's close is one to look out for.
As we are currently trading inside the 26th April candle, a daily close outside of this *should* be an indicator of direction.
Position: waiting on the sideline for more intel.
Two daily resistances above, and lots of supply zones. BTC has been in a downtrend for the entire month of April.
Strong bullish divergence has been printed, we'll hopefully get a relief bounce soon. Bulls first goal would be a daily close above the candle printed on 26th April (40414.5 on this chart). Price action can be scammy on the weekends with lower volumes, so Monday's close is one to look out for.
As we are currently trading inside the 26th April candle, a daily close outside of this *should* be an indicator of direction.
Position: waiting on the sideline for more intel.
Note
I actually missed this h12 supply when marking up the chart:The hourly provided a nice bear div, and close within the trend line with a nice big candle, which could have triggered a short on close:
Even with the daily close in place and some downward movement today, the momentum doesn't yet agree, if bull's can defend the support line below, we might get a pivot on the indicator, keeping bull divergence dreams alive:
Still no trade for me as I missed the short opportunity that presented itself.
Note
Also the daily close yesterday has invalided the d1 demand zone (removing it now), so I'll looking out for shorts if we're breaking down into this weekly demand but if we start creating lower tf demand zones and they are getting respected with any retests, then I'll play some small scalp longs.
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