$BTC is heading into CPI week after pulling back towards the $73.4K region.
As I mentioned last week, losing the 76.2K PML and failing to reclaim it as support would leave room for another move lower. That played out yesterday, giving us a fresh setup to work with this week.
For now, the local structure remains bearish as long as BTC stays below 81.2K.
On the lower timeframe, we've nearly filled a daily imbalance and swept a significant amount of sell-side liquidity below the monthly lows. This makes a relief bounce worth watching.
A sweep below the current 73.5K PWL, followed by a bullish trigger, could offer a decent long setup, with 76.2K BSL as the first target and potentially more upside beyond that.
For shorts, I'd rather wait for price to retrace into higher areas. My main zones are 76.2K, 78K and 80K, moving from more aggressive to more conservative entries.
I'm not looking to enter blindly at any of these levels. I'll wait for price to reach my POIs and look for confirmation before making a move.
Zooming out, the bigger picture still looks bullish, but the current structure leaves plenty of room for further downside. BTC could even revisit 65K without necessarily breaking its broader bullish trend.
With CPI coming tomorrow, I'm keeping risk under control and would rather wait for the data before taking any aggressive positions.
#BitcoinFiveWeeklyLosses
As I mentioned last week, losing the 76.2K PML and failing to reclaim it as support would leave room for another move lower. That played out yesterday, giving us a fresh setup to work with this week.
For now, the local structure remains bearish as long as BTC stays below 81.2K.
On the lower timeframe, we've nearly filled a daily imbalance and swept a significant amount of sell-side liquidity below the monthly lows. This makes a relief bounce worth watching.
A sweep below the current 73.5K PWL, followed by a bullish trigger, could offer a decent long setup, with 76.2K BSL as the first target and potentially more upside beyond that.
For shorts, I'd rather wait for price to retrace into higher areas. My main zones are 76.2K, 78K and 80K, moving from more aggressive to more conservative entries.
I'm not looking to enter blindly at any of these levels. I'll wait for price to reach my POIs and look for confirmation before making a move.
Zooming out, the bigger picture still looks bullish, but the current structure leaves plenty of room for further downside. BTC could even revisit 65K without necessarily breaking its broader bullish trend.
With CPI coming tomorrow, I'm keeping risk under control and would rather wait for the data before taking any aggressive positions.
#BitcoinFiveWeeklyLosses
