It seems as though BTC has just exited the UP( Up Thrust) area and could be looking for a LPSY(Last Point of Supply).
What does this mean? Well firstly BTC needs to hold somewhere which could be in and around the 73-76k region.(I do not have a golden fortune teller) but at the moment price is exactly where it should be. I would have to update as the days go buy to see if price remains constant or if we can see more down before an LPSY.
The phoenix ascending indicator: The green line is touching the yellow line, and the red and blue are just at 70 and below. This indicates on the Bad Ass BB indicator that price should be more or less at the yellow dotted line on the chart.
Secondly its telling is that we can look out for a LPSY (Last Point of Supply). We are looking for a potential move back up to where resistance was broken in the UP. Which is around the 87-90K mark. Once this is happens we can expect it to come back down and make another LPSY or SOW(Sign of Support).
In Recap:
1) Looking for Last Point of Supply (LPSY): Retest of broken support before a bigger drop.
2) Sign of Weakness (SOW): Price breaks support with strong volume.
I do not like to trade the news but with USA potentially creating a Bitcoin reserve, I would again say keep your mind open and be adaptable especially with ETH being ahead in the schematic.
What does this mean? Well firstly BTC needs to hold somewhere which could be in and around the 73-76k region.(I do not have a golden fortune teller) but at the moment price is exactly where it should be. I would have to update as the days go buy to see if price remains constant or if we can see more down before an LPSY.
The phoenix ascending indicator: The green line is touching the yellow line, and the red and blue are just at 70 and below. This indicates on the Bad Ass BB indicator that price should be more or less at the yellow dotted line on the chart.
Secondly its telling is that we can look out for a LPSY (Last Point of Supply). We are looking for a potential move back up to where resistance was broken in the UP. Which is around the 87-90K mark. Once this is happens we can expect it to come back down and make another LPSY or SOW(Sign of Support).
In Recap:
1) Looking for Last Point of Supply (LPSY): Retest of broken support before a bigger drop.
2) Sign of Weakness (SOW): Price breaks support with strong volume.
I do not like to trade the news but with USA potentially creating a Bitcoin reserve, I would again say keep your mind open and be adaptable especially with ETH being ahead in the schematic.
Trade active
BTC price seems to be creating the Last Point Of Supply. What to look out for next? We are hoping to see it come to the 80-82k range where most of the resistance is to create a a sign of weakness. From there it might try one more Last Point Of Supply and then similar to ETH break down further to the down side.
Keep it adaptable.
Note
Structure is still holding and we are looking at making a SOW. At the time BTC price is 87k.
Note
Price has kept to structure and I have updated here. 
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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.