Bitcoin

Bitcoin fluctuated between 34000ish last week. From a technical perspective, the price is forming a supply zone (resistance zone) between 34500ish-35200ish. As we can see, the price fits into this zone. The price met resistance at this level and there was not enough buying pressure to break through. The good sign here is that the price retested the POC as support, which means that this level is reacting as support. The current price is retesting the local resistance zone (again), but I think we will see another rejection at least before the US market opens. After the US market opens, we can see some kind of breakout attempt as the volume will increase. Overall, from a technical perspective, there are no major changes. The good sign here is that the price is accumulating volume around the current 33-34000. There was a gap on CME overnight, but the price filled the gap. The RSI is at 62, which is a bit overbought level. There is no overnight divergence. From a fundamental perspective, there are no major changes.

Volume profile looks good. There is 1 gap: 30953-34022; POC is at 34105;

Today's plan: I will wait for the current price action near the resistance zone. If the price closes below it => go short; if the price breaks out and retests support => go long (we need a lot of volume to see a clear breakout). Another level to watch is POC. If the price touches it and bounces off it => go long; if the price closes below it and rejects it => go short;

ETH USDT

ETH is range bound between 1760-1830. From a technical point of view, the price is forming a consolidation channel (same as BTC). But the good sign here is that the price has accumulated a lot of volume around this level, which is good for the short-term trend. The price broke below the POC level on Saturday, but the price reclaimed this level and currently POC is a support level. It would be amazing if we see POC retest again and rebound significantly from it. Overall, from a technical point of view, there are no major changes. The RSI is at 68, which is a bit oversold. There are no overnight divergences. BTC dominance is between 54-53.9%. It looks like BTC is stronger than ETH and alts. From a fundamental point of view, there are no major changes. #arbitrum #ordinals

Volume profile looks good. There is 1 gap: 1680-1768; POC is at 1789.

Today's plan: Wait for POC retest. If price touches it and bounces off => go long; If price closes below it and rejects it => go short; Another price action level worth watching is the local resistance level (1851). If price closes below it => go short; If price breaks out and retests support => go long;