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Today’s report will include:

Slow but technical price action on Bitcoin over the past week; indecision continues in a range-bound environment. The local high currently is situated at the top of the channel; as long as this remains, the next logical target will be the channel low.

Points to consider:

The notable Swing Failure pattern wiped out the resting liquidity around the channel high; this was followed by a strong bearish move, confirming a swing failure pattern. This type of liquidity-generating pattern tends to have follow-through in the opposite direction.

Price action is technical at local resistance, which coincides with the .618 Fibonacci and the Daily S/R. Confirming a rejection here will place greater emphasis on a Bearish Retest, which will increase the probability of rotating lower to take out the current resting liquidity.

Overall, Bitcoin is a valid short with defined risk from current resistance. The overall objective for this short will be the key swing low. Price action should be used at your discretion and managed when executing this trade.

Hope this analysis helps.

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Bitcoin Insider bouncing back to work, See you in the next one! 👊