BTC is currently below $73,000 and close to stopping out our overnight long.

As a reminder, the position was opened small and immediately described as a counter-trend trade. It was opened at $74,085, with 30x leverage and cross margin, using our standard position size for speculative trades. The stop was placed below the local low of $72,727—specifically, at $72,670.

For now, bulls have lost their main achievement from yesterday in terms of sustained trends: the sustained uptrend on the 45-minute timeframe has just broken. Targets are on the chart.

A number of altcoins have also lost their uptrends. For example, ETH has returned to a sustained downtrend on the hourly timeframe, with a clear path to targets for flushing out the bulls down to $1,939.

Meanwhile, for BTC, after a Strong signal of a potential low and a liquidity-zone test on the 10-minute timeframe, we’re seeing a buyers’ reaction so far.

But the break of the uptrend on the 45-minute timeframe is not giving us reason for optimism just yet.

Our view on #BTC remains unchanged:

- To short, we’d like to see a bounce—and a fairly substantial one, given the potential-low markers on the 12-hour, 17-hour, daily, 2-day, and 3-day timeframes.

- To go long, against the backdrop of those same potential-low markers on the higher timeframes, we’d like to see at least some adequate confirmation from sustained trends—in other words, some kind of initial impulse. The previous one, as we can see, turned out to be false.