BTC Must Hold 31000
We are currently testing the weekly open @ 32350.
There is lots of support here with the 4H supertrend, 4H 200 EMA , and the weekly open.
With that said, we have tested it a few times and rejected pretty hard to the upside. I am expecting another test of 31000 as that is the popular demand zone at the moment. However, 31000 has been tested multiple times already which means buyers are running out.
Price seemed to be forming lower highs and touching horizontal support @ 31000 which makes me weary of a descending triangle forming. However, we did break market structure with the recent pump to 38000. In that case, if we lose 31000 I am looking to bid 27000 as bearish market structure will have resumed.
There is lots of support here with the 4H supertrend, 4H 200 EMA , and the weekly open.
With that said, we have tested it a few times and rejected pretty hard to the upside. I am expecting another test of 31000 as that is the popular demand zone at the moment. However, 31000 has been tested multiple times already which means buyers are running out.
Price seemed to be forming lower highs and touching horizontal support @ 31000 which makes me weary of a descending triangle forming. However, we did break market structure with the recent pump to 38000. In that case, if we lose 31000 I am looking to bid 27000 as bearish market structure will have resumed.
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