As anticipated yesterday, $BTC swept the 77K weekend liquidity. Normally I'd already be hunting longs here, but with mid-terms today/tomorrow, I'm waiting.
Markets tend to chop and consolidate as big players reduce exposure and await results. I wouldn't be surprised if we just range around here until tomorrow—and possibly until NFP this Friday.
Current structure:
· Bitcoin is holding the 76.2K PML. For longs, I'd like to see it swept so we can mitigate the SSL beneath it.
· We've been repricing lower since 87K for a while now, engineering plenty of BSL to the upside.
· These are the regions and times to watch closely for local shifts in structure.
Why? In current conditions we see a slow grind on the way down, and speed when we reprice up
The 74.9K Sep low is still a valid POI—but not necessary if we sweep and bounce back after taking 76.2K.
For shorts, my first POI remains the same as shared yesterday. But if we sweep and see big displacement to the upside, I'm focused on longs and shorts become pure hedges.
