$BTC Rejected near 87K, now 84,146
Weekly range so far: 86,999 high, 83,577 low. Price is down 1.64% on the day, and leveraged longs got flushed on the move.
Here is how I'm mapping it:
Weekly close back above 87K: the rejection fails and bears lose the level.
Chop between 83.6K and 87K: the range holds, with no edge in chasing either side.
Weekly close below 83.6K: the lower bound is tested, and the next liquidity pocket comes into play.
A wick into resistance is not a confirmed top. The weekly candle still has days to run, and a reclaim is not a confirmed retest either. Until the close, this is a range, not a trend.
Range markets are exactly where untested leverage gets punished.
verify first. risk later. scale slowly...
#Bitcoin #BinanceSquare #BTC
Weekly range so far: 86,999 high, 83,577 low. Price is down 1.64% on the day, and leveraged longs got flushed on the move.
Here is how I'm mapping it:
Weekly close back above 87K: the rejection fails and bears lose the level.
Chop between 83.6K and 87K: the range holds, with no edge in chasing either side.
Weekly close below 83.6K: the lower bound is tested, and the next liquidity pocket comes into play.
A wick into resistance is not a confirmed top. The weekly candle still has days to run, and a reclaim is not a confirmed retest either. Until the close, this is a range, not a trend.
Range markets are exactly where untested leverage gets punished.
verify first. risk later. scale slowly...
#Bitcoin #BinanceSquare #BTC