Here's what happened when $BTC ripped late Sunday evening, right on the script a lot of traders had drawn, and then stalled at the first real ceiling.
Chasing that kind of move is how accounts get chewed up. The candle looks like a bottom, you buy it, and the weekly open turns your entry into someone else's exit.
It's rejecting from the weekly VWAP near 83.7k and the monthly VWAP around 84.2k. Close below the 83.5k line and a continuation lower is the cleaner read, with first targets at the weekly low near 80.3k and then the 80k area. Bias stays bearish into the new weekly open because the pump was mostly shorts covering, which means the next chapter can easily be a flush of the longs who showed up late.
Compare it with the short-covering bounces we've seen before, including thinner $ETH squeezes that looked decisive until real volume arrived and took them back. Competing reversal stories don't travel far when price is still under those averages and the fuel was positioning, not fresh demand. Same movie, slightly different week.
Where do you think this goes from here?
#BTC #Bitcoin #MacroInsights
Chasing that kind of move is how accounts get chewed up. The candle looks like a bottom, you buy it, and the weekly open turns your entry into someone else's exit.
It's rejecting from the weekly VWAP near 83.7k and the monthly VWAP around 84.2k. Close below the 83.5k line and a continuation lower is the cleaner read, with first targets at the weekly low near 80.3k and then the 80k area. Bias stays bearish into the new weekly open because the pump was mostly shorts covering, which means the next chapter can easily be a flush of the longs who showed up late.
Compare it with the short-covering bounces we've seen before, including thinner $ETH squeezes that looked decisive until real volume arrived and took them back. Competing reversal stories don't travel far when price is still under those averages and the fuel was positioning, not fresh demand. Same movie, slightly different week.
Where do you think this goes from here?
#BTC #Bitcoin #MacroInsights