There’s a solid buy wall at 21,000 BTC around 61,500, with three exchanges showing it, so it's not a phantom order. It’s been sideways for two hours, and the 1H + 4H double bottom divergence is still in play, while the bearish momentum is clearly waning.
However, the pressure above is real. The 4H gap between 62,080 and 62,458 still hasn’t been filled, and there are a bunch of short stop-losses at 62,354, so any bounce up to that level will face genuine resistance. The head and shoulders neckline at 61,150 hasn't been fully played out yet, with a theoretical target still hanging at 58,050.
Tonight at 20:30, CPI drops; if it’s within expectations, we might see some whipsaw action back to the starting point, so betting on a direction doesn’t make sense. The real entry window will be after the whipsaw.
If we dip down to 61,050~61,100, and we see a volume spike with a long lower wick closing, then I’d go long, targeting 61,675, with a stop-loss at 60,700.
If we spike up to 62,080~62,200, and the 1H closes bearish, then I’d short, aiming for 60,800, with a stop-loss at 62,500.
Both positions are to wait for the whipsaw to finish before entering, not chasing the fleeting direction of the data.
However, the pressure above is real. The 4H gap between 62,080 and 62,458 still hasn’t been filled, and there are a bunch of short stop-losses at 62,354, so any bounce up to that level will face genuine resistance. The head and shoulders neckline at 61,150 hasn't been fully played out yet, with a theoretical target still hanging at 58,050.
Tonight at 20:30, CPI drops; if it’s within expectations, we might see some whipsaw action back to the starting point, so betting on a direction doesn’t make sense. The real entry window will be after the whipsaw.
If we dip down to 61,050~61,100, and we see a volume spike with a long lower wick closing, then I’d go long, targeting 61,675, with a stop-loss at 60,700.
If we spike up to 62,080~62,200, and the 1H closes bearish, then I’d short, aiming for 60,800, with a stop-loss at 62,500.
Both positions are to wait for the whipsaw to finish before entering, not chasing the fleeting direction of the data.