Bitcoin Sunday Analysis

We are still around $64K after Bitcoin respects the $54K - $60K demand zone, which I've been marking for a few months now. This recovery confirms why I mentioned it has been such a profitable region to grab some quick trades.

Near term, I expect to see this recovery move up to test the $68K - $72K resistance zone, but beyond that, my overall outlook for the market hasn't changed.

One thing we need to consider is the repeated testing of this $54K - $60K support area. Multiple tests on support areas will naturally weaken buyer conviction over time and increase the odds of a breakdown if there is another increase in selling pressure. Of course, we'll never know for sure.

Given this, I will continue to trade this range for the time being:

• Position longs near the $54K - $60K support.

• Scale out or look for short setups in the $68K - $72K resistance area.

The market is still locked in a tight consolidation and periods like these often create the liquidity required for a larger directional move to take place. As the price rises, market sentiment will also become more euphoric. Relief bounces usually entice people to think a new uptrend is unfolding. It is for these periods that risk management becomes all that more important.

My perspective is still that of cautious bearishness over the higher time frames and this recent rebound has not really altered the overall structure yet.

I am still holding the expensive shorts I've already initiated and waiting patiently at the $68K - $72K level for opportunities to add more exposure should price give any clear signals to do so.

As always this is how I am trading and not financial advice, risk manage your trades, be patient and wait for conformation.

‍#BTC #Crypto #TechnicalAnalysis #CryptoMarket $BTC