$BTC Technical Analysis Update - What's Next (detailed)👇

We've been patient, the drop is nearly complete, and we're starting to long again.

We've been bearish all week, anticipating a drop, and we're now seeing potential for longs if we see closes above the local high. Despite a recent rejection, the move seems done, so we're starting to build long positions.

Price Action

We're trading in our orange support zone. A break to the upside was needed but didn't happen, causing a retrace. We're now stalling at support, so we're taking initial base positions.

Order Flow

Post-drop, there have been significant liquidations, providing a floor. High funding rates haven't fully retraced, suggesting this long might be a weak squeeze. It's also month-end, so not expecting big moves. Spot is leading the local move down.

TPO (Time-Price Opportunity)

Poor lows remain, but today's profile is unfinished, suggesting a revisit above soon, a key reason to enter a long.

Order Books

Orders are set down to 63k, indicating bullishness. This is not a spoof, as it’s too extensive.

Sentiment

Many celebs are suddenly into crypto, which seems locally bearish but might fuel a local meme squeeze. General sentiment feels overly optimistic on bounces, indicating potential for local drops and continued compression into month-end.

Plan on BTC

Gradually getting into longs due to mixed signals. Avoiding overleveraging and waiting for more clarity, while establishing a base position to avoid fear-based decisions later. If BTC drops below Monday's low and retests with significant resistance, a short position targeting 63k and 60k may be considered.