BTC/USDT1hr ChartWe're at the 1hr supply zone - first real challenge for the bulls since the mighty sweep of the lows and bounce today. The issue with doing business in this area is two fold: a short here makes sense because this is one of my blueprint setups - especially as the retracement lands in the OTE fib retracement zone ... but given the context - we've just swept a key level and closed back into the range with a solid daily candle - therefore upside is favoured here ... BUT at local resistance I don't want to open any longs.
Therefore:
- Looking for longs on a flip of the mid-range (0.5) as support. Target would be 42.5k. Any deviation above or rejection with a close back below will be an excellent short opportunity.
- If we do drop here, I'm first looking at the hourly demand at range low in blue for long opportunities. Any weakness there and I'm looking at the downside targets as discussed.
I think I can return back to the market now I am done with my Vacations.
