BTC - TPO update
Looking at the price action since we came into 100k area, we can see a big range value area between 92k and 100k, with a short deviation above that created some new value between 103k and 106k.
Compressing a bit at the lower end of that higher value now, which makes it easy to define bias for intraday plays:
- lose todays VAL, fill imbalance to lower range VAH and orderlock
- lose weekly lows, we look at npoc at 97k for a reaction
- lose that, then imo we best wait for 92k npoc which also fills the imbalance of that initial move and taps big range VAL
- move up form todays VA, then next npoc is 105k which also fills the remaining imbalance to the upside
- 107k to 108k is the biggest resistance area until proven otherwise. Given recent price action, I would only short on breakdown, definitely not as long as slow grind price action is ongoing.
Compressing a bit at the lower end of that higher value now, which makes it easy to define bias for intraday plays:
- lose todays VAL, fill imbalance to lower range VAH and orderlock
- lose weekly lows, we look at npoc at 97k for a reaction
- lose that, then imo we best wait for 92k npoc which also fills the imbalance of that initial move and taps big range VAL
- move up form todays VA, then next npoc is 105k which also fills the remaining imbalance to the upside
- 107k to 108k is the biggest resistance area until proven otherwise. Given recent price action, I would only short on breakdown, definitely not as long as slow grind price action is ongoing.
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Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
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.