In my recent article, I talked about how the pressure is currently on the buyers. The week started weak, although the market recovered quickly yesterday.
Yesterday, the market one timeframed from the opening period and looked above the 12/10 value area high before failing and finding acceptance inside the previous day’s value area. Buyers are currently defending the $82.8K area, while sellers are holding around the $84K area. 7/10 profile remains an important reference for this week.
The confidence and tone of the previous day’s profile were strong.
Today’s Opening
The market opened close to the middle of the previous day’s value area, which suggests that today could be a rotational day. Confidence is currently low, as price has traded through the opening period.
Profile Structure
The current developing profile structure, at the time of writing, is not healthy. The high is trading above the previous day’s value area high and is sitting around the previous day’s high, making it a weak high. The current weak low is sitting exactly at the 25/09 low.
Market Generated Information
Since the week opened:
October 12: Poor low that still needs to be repaired.
October 13: Poor high that has not yet been repaired.
Double single print area has not yet been revisited.
October 14, developing profile: Weak high and weak low.

Possible Scenarios
Today is the first half of one of my dominant concerns, as discussed in my recent article. I’m expecting volatility today and tomorrow, so these are the two scenarios I’m watching.
Since the open already suggests that today could be rotational, today’s POC will also play an important role.
Scenario One
Using the day opening concept I explained earlier, I have estimated a range. Sellers are currently holding the $84K–$84.5K area, while buyers are defending the 3/09 high around $82.5K.
Scenario Two
Sellers fail to hold the $84K–$84.5K area, allowing buyers to push price above the 7/10 profile high.
Alternatively, buyers fail to hold the $82.5K area, allowing sellers to push price past the September 3 high.
