Popeye@SailorManCrypto
$BTC — Multi-Timeframe Update
On HTF, $BTC is still trading in the middle of the 2024 range, just trapped within PoC and VaH, and around 0.75. Nothing has changed since early February.
We are still in the realm of a potential retest of that accumulation, but the longer we spend here, and it has already been 40 days, the less likely it is that we will V-shape.
The more we fail to bounce from here, and from what might look like a potential retest of this range from above, the more likely we are to lose this old range completely.
RSI here on the 12H is showing some momentum, reclaiming and holding above the 50 level, but starting to be a bit choppy around the level.
If we zoom in, we can clearly see how those old VaH and PoC are creating the boundaries of the local range. We got a bearish deviation on top and now a bearish retest.
Looking at our local range, we clearly have established value, so the plan remains the same as for all the ranges: real business is done at the extremes just as we did yesterday.
Now the 4H trend is confluent with this zone, so both act as resistance until they don't.
As explained in the last update and in the Market Weather Bulletin, the interest was to short a retest of VaH after the bearish deviation, and this is what we got yesterday.
As long as the price remains trapped within the range, the range mentality will be applied. We range until we don't, so I am looking for a move first to PoC and then to VaL, and finally to Ex. Liquidity.
This thesis will be invalidated on a breakout from the range.
The position shared on YouTube on Monday and updated yesterday on X is running; not much to do now, simply waiting to see if the ranges will continue to work.
Today we have CPI, so we could expect some volatility. But I will try to stay focused on what price does and stick to the plan until something radical changes.
I will update when something changes.
Questions? Drop them below.
