🪙 Daily BTC Update 🪙
$BTC was rejected from the Medium-Time Frame Range Value Area at 62-63k, which also aligned with multiple High-Time Frame Confluences.
Currently, we are experiencing a retracement with bearish Cumulative Volume Delta (CVD) in Orderflow. Losing the local low on August 9th with a close below it would confirm this bearish CVD, potentially leading to a larger retracement.
The key level for me currently is 55k. This level has the potential to create a higher low for another potential run-up to stronger resistance levels. Losing this level would increase the likelihood of new lows on $BTC, possibly filling the wick event at 50k that occurred during the market crash.
$BTC remains bullish on the High-Time Frame with the Market Structure as we are close to closing the weekly candle above the Medium-Time Frame Range Channel at 58k. The Market Structure on the Medium-Time Frame could shift to bearish if we close below the low on August 9th. However, this shift is not too concerning as we are still holding bullish on the High-Time Frame, which dominates the Medium-Time Frame.
