$BTC Daily Analysis
The market opened above the previous day’s value area high, which suggests that today could be a high risk/reward day.
From the previous day’s profile, the market showed:
a poor low,
double single print areas,
a poor high,
a wide POC area,
and a POC that did not migrate with price as price moved higher.
The poor high and the single-print areas have now been repaired.
From today’s open, the market one-timeframed higher during the A–D periods and then reversed in the E period. The current high is a poor high, while the low is a weak low. The current low stopped exactly one tick above the previous day’s POC area, which has not yet been revisited.
Possible scenarios for the day ahead
The market has been building on weak structure since last week, even though short-term buyers have been trying hard to push price beyond 87.5k. Short-term sellers are still dominant in the lower timeframe.
I’ll be watching for:
repair of the previous day’s poor low,
a takeout of the current poor high,
and migration of the current POC area.
As stated in my article, the 07/10 FOMC meeting will be very important for market volatility.
The market opened above the previous day’s value area high, which suggests that today could be a high risk/reward day.
From the previous day’s profile, the market showed:
a poor low,
double single print areas,
a poor high,
a wide POC area,
and a POC that did not migrate with price as price moved higher.
The poor high and the single-print areas have now been repaired.
From today’s open, the market one-timeframed higher during the A–D periods and then reversed in the E period. The current high is a poor high, while the low is a weak low. The current low stopped exactly one tick above the previous day’s POC area, which has not yet been revisited.
Possible scenarios for the day ahead
The market has been building on weak structure since last week, even though short-term buyers have been trying hard to push price beyond 87.5k. Short-term sellers are still dominant in the lower timeframe.
I’ll be watching for:
repair of the previous day’s poor low,
a takeout of the current poor high,
and migration of the current POC area.
As stated in my article, the 07/10 FOMC meeting will be very important for market volatility.
