$BTC profile analysis
The market closed around the previous day’s value area low. During the first four sessions, price traded back and forth around the open, showing low confidence before one timeframing lower and taking out the previous day’s low. This completely repaired the weak structure. At this stage, I’d say weak hands have been shaken out.
The current low is a good low because of its excess, and it could mark the start of a new auction to the upside. I’m expecting a rotation back toward the upside of the open.
A bearish close this week could lead to a bullish opening next week.
The market closed around the previous day’s value area low. During the first four sessions, price traded back and forth around the open, showing low confidence before one timeframing lower and taking out the previous day’s low. This completely repaired the weak structure. At this stage, I’d say weak hands have been shaken out.
The current low is a good low because of its excess, and it could mark the start of a new auction to the upside. I’m expecting a rotation back toward the upside of the open.
A bearish close this week could lead to a bullish opening next week.