$BTC starts a new trading week with a fresh setup.
Bitcoin has already taken out the previous daily and weekly lows, which shifts short-term probability lower for reclaiming the 82.3K prior weekly high this week, and also makes a move back to the 78.6K daily high less likely intraday.
Structurally, the market is leaning bearish after the rejection from 82.8K, with an obvious downtrend now forming. My intraday bias remains bearish as a result.
That said, we’re currently testing key higher-timeframe levels that act as long points of interest. A daily imbalance in the range extremes has been filled, right around the monthly open, which makes short-term long scalps reasonable.
I’m viewing any long setups here strictly as intraday bounces within a broader local downtrend, not a trend reversal.
I’m not shorting into support, but for continuation shorts, I’ll be watching price reaction around the 77.8K imbalance.
If we reclaim 78.6K (previous daily high) with a clear bullish displacement, that would signal a potential bullish clear out, opening up continuation longs.
Overall, I’m still positioned short and open to adding on tests of high quality POIs.
Good luck this week.