Currently a tight hourly range on BTC that has to break bullish for the chance at a 12H equilibrium.
If the bulls pull it off, we could stay in this equilibrium for another 2 days.
If unable to see follow through into the mid $11,000s, we will be looking for a bear break of $10,300.
This would likely mean a break of $10,000 is coming and 4H oversold conditions.
The two plays for bulls are to bottom fish $10,300 support, or to wait for a bear break oversold bounce.
Bears are either entering using the hourly downtrend as a stop (not a trade I like for R/R)
Or waiting for a 12H higher low to form, and scouting for an entry on its lower high.
We should know which scenario is most likely much more clearly within 3 hours or so.
If the bulls pull it off, we could stay in this equilibrium for another 2 days.
If unable to see follow through into the mid $11,000s, we will be looking for a bear break of $10,300.
This would likely mean a break of $10,000 is coming and 4H oversold conditions.
The two plays for bulls are to bottom fish $10,300 support, or to wait for a bear break oversold bounce.
Bears are either entering using the hourly downtrend as a stop (not a trade I like for R/R)
Or waiting for a 12H higher low to form, and scouting for an entry on its lower high.
We should know which scenario is most likely much more clearly within 3 hours or so.
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