BTC: June 14th, 2024
Aggiornato
Hello dear traders. Let's cut to the chase.
There's no denying that price is weak and seems in desperate need of a new narrative or momentum.
Technically, price is showing weakness in the mid-range, which is in line with the POC of the range as well. Momentum h4 EMAs (12, 21) are rolling over as well. The positive thing at this point is the bullish absorption that is unfolding. In fact, it has been more or less so throughout the whole range. Apparently, a lot of bitcoins are changing hands.
My thesis is in line with the context, i.e. range-bound price action. I will play the range until the break. Why the local bullish bias? We have a couple of nPOC prints above. Also, the move from sub 60K to 70K is impulsive to me, and I believe we are in the process of putting in a higher low. Plus, if you trade with the flow, the previous quarterly value area high aka pqvah is at 66K while the current quarterly vwap is creeping higher and closer to this level (Find the picture in the comments section). I usually use flow for the daily chart and mid-term bias. As long as 66K is held, my bias is bullish with a move towards the EQ highs at the top of the range. If 66K is lost with a daily candle and strength, I will look at 64K or even 62K. I try to to manage my risk, and stick to the facts. I hope you do the same, and bear in mind that this post is not financial advice, so DYOR.
If you like the idea, please share and smash the like button.
There's no denying that price is weak and seems in desperate need of a new narrative or momentum.
Technically, price is showing weakness in the mid-range, which is in line with the POC of the range as well. Momentum h4 EMAs (12, 21) are rolling over as well. The positive thing at this point is the bullish absorption that is unfolding. In fact, it has been more or less so throughout the whole range. Apparently, a lot of bitcoins are changing hands.
My thesis is in line with the context, i.e. range-bound price action. I will play the range until the break. Why the local bullish bias? We have a couple of nPOC prints above. Also, the move from sub 60K to 70K is impulsive to me, and I believe we are in the process of putting in a higher low. Plus, if you trade with the flow, the previous quarterly value area high aka pqvah is at 66K while the current quarterly vwap is creeping higher and closer to this level (Find the picture in the comments section). I usually use flow for the daily chart and mid-term bias. As long as 66K is held, my bias is bullish with a move towards the EQ highs at the top of the range. If 66K is lost with a daily candle and strength, I will look at 64K or even 62K. I try to to manage my risk, and stick to the facts. I hope you do the same, and bear in mind that this post is not financial advice, so DYOR.
If you like the idea, please share and smash the like button.
Nota
Nota
nPOC prints
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