New range forming on Bitcoin for LTF

2022年8月29日

So yesterday I posted an idea that said BTC PA is showing bullish weaknesss and may set the precedent for a new drop. (Idea is linked as related idea below.)

Reason why I said so was that there was an absence of any significant buyer reaction following the big drop we had the day before. PA was just weakly crabbing, with buyers showing a complete inability to overtake sellers enthusiasm.

Overnight (I'm in EU) this drop did take place. (Sadly, my TP was missed by a millimeter - but that's irrelevant to my point here ;) )

Point being is that we are now seeing the strong buyers reaction that was absent yesterday.

I think this is indicative we **may** be seeing the formation of a new LTF range.

I indicated the range in blue, the resistance zone in red, the support zone in green, and possible deviation levels as thick dashed lines.

It's very early to say that this will indeed be the range for the coming time. We need to see another high rejected at the level, and another low supported at the level for strong confirmation. And remember that Mondays and Tuesdays can be deceiving.

However, for now I'm using this as a main orientation for as long as it is not invalidated. What is particularly important to watch out for today is the reaction of the price once it hits the bottom of the range.

**If** it reacts strongly (which, taking into account the first reaction, I think it is more probably than not that it will), I think range is confirmed, and we can play it.

NFA, but I hope it is helpful.