$ETH Sitting right above its break out point and has been chopping around in a tiny range for the past 3 weeks.
This will eventually lead to a large move again from this compression, similar to the initial breakout that got us here.
For the bulls it is critical to hold that green zone at ~$2350, because otherwise it is going to be looking like a big deviation & liquidity hunt into a range re-entry.
$BTC With the 2023 breakout from the bear market as overlay.
The price action at the bottom with the second sweep into very compressed sideways and the breakout has been very similar.
In 2023 at this point, a lot of people were calling for another lower low to occur. Sentiment was pretty neutral on average.
What actually happened was about 6 weeks of sideways chop. We saw some up and down and a larger correction during the banking crisis fud at the start of 2023. But that quickly reversed into a positive catalyst for Bitcoin instead and saw another leg up follow after that.
I think any larger drawdowns due to some kind of headline should be welcomed with open arms. Mark out your high timeframe levels and stay level headed.
And remember that usually price tends to shake out a lot of positions on both sides before actually continuing its move higher after such a big impulse.
🇺🇸 The U.S. crypto market structure fight is entering a critical phase.
The CLARITY Act is facing another hurdle as Congress cuts its September schedule, while lawmakers race to advance digital asset rules before the midterms.
At the same time, the SEC is pushing its own crypto framework and has publicly backed getting CLARITY to President Trump’s desk.
The message is clear: the U.S. is still competing to build the world’s leading digital asset market.
Will the U.S. finally deliver full crypto market clarity this year? 🇺🇸
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$BTC Today is Labor day so volumes and volatility will likely remain low.
There's some liquidity that has built up on both sides during the weekend. Keep an eye out for these levels and how price reacts around them in the short term.
Tomorrow we'll see where this wants to heads to next.
BTC was close to a breakout last week but got slammed back down after the high NFP report. It recovered some since then but is still yet to break the $83K resistance.