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Is $BTC setting up a trap before Friday’s PPI print? 📉 While testing the 200-Day SMA makes sense for macro support, the lower timeframes tell a much riskier story for anyone looking to open a trade right here because: 💠 No Direction: Price is stuck between an unconfirmed breakdown and recovery. 💠 Weak Volume: Low volume and a lack of higher highs/higher lows (1H, 4H, Daily) mean this bounce lacks real strength. 💠 The Trap: Expect choppy price action to lure in overeager speculators before the macro data drops - the heaviest concentration of leveraged positions on either side of price is likely to get hunted first. The Bull Case: Fundamentally, a cool PPI report that lowers the odds of aggressive rate hikes in December/January could easily flip this script bullish. Otherwise, a heavy concentration of shorts near current price could trigger a short squeeze. The Bear Case: Essentially the exact opposite of above. A hot PPI report that increases the chances of aggressive rate hikes in December/January or a heavy concentration of longs near current price is likely to trigger the next leg down. If PPI is flat, expect more liquidation ping pong as price chops down and to the right until bid liquidity and volume return. What’s your move - are you buying the chop or waiting for Friday to reevaluate? 🎯 #BTC Price Analysis# #BTCCharts#
In today's BitBreak, we’ll look at the $BTC order book, higher-timeframe structure $ETH and altcoin rotation to determine whether this is a constructive support test or preparation for another leg lower. https://youtu.be/utOE3QivpAs
$BTC is attempting to recover from multiple intra-week support tests at the 50-Week SMA, which has beautiful confluence with the bottom of the consolidation range. As strong as this support level looks from both a technical and structural perspective, we can't confirm its durability before the W close. If it holds, price needs to rally through 3 different Timescape R/S Flip Lines at $78,380, the Q4 Open at $83.5k, and the Yearly Open at $87.5k before we consider any breakout attempt to be durable. If support fails at $75.5k, I'm expecting a visit to the $69k - $73k range. To gain some insight about the likelihood that support holds, look to 4H candles to monitor volume and whether BTC returns to an unbroken sequence of Higher Highs and Higher Lows. We currently have declining volume and no consistent sequence of HHs and HL's. NFP and UNRATE data coming in < 30 mins. Buckle up for volatility. #BTCCharts#
$BTC failed to hold $80k, and now we see the first 4 hour candle testing support at the trend line. If this candle holds above the trend line, a series of higher 4H lows, and a D candle close above $79,425 would be extremely bullish. Losing the trend line opens the door to a support test at the Timescape R/S Flip line at $78,380 - the last structural support before a retest at the 50-Week SMA.