It's important to Zoom Out and understand how to trade or not to trade on this range.
Here is BTC on the weekly. The same levels remain relevant.
Bounce momentum fades as BTC loses the weekly 200 SMA (white line) which is sitting at about 23000 (this level is also the weekly 9-EMA). If price breaks below 20700 (last week's low), it likely tests the 18000 region. A close below 20700 would greatly hurt the bounce structure.
Upside conditions: If price can close back above 23000, the closest upside pivot is 27000 (200-EMA). Use a level by level approach. Until price closes above 23000, the BTC's weekly structure remains in a downtrend.
Be careful as future bounces may not confirm trend reversals or bottoms; Bounce attempts often fail. Look for closures above pivotal levels for indications of strength. Another major leg down in BTC likely suggests the same for altcoins.
