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#BTC# Quick Update
We are inside the box - LTF supply zone - I mentioned in the previous update which is between 114.7k and 116k. As we are fresh out of the weekend and we left weekend lows behind, this is the zone I will hedge my long positions and be careful in.
On the first try, BTC failed to break above the VWAP anchored to the last high before the drop, now it is above it. 115.1k - 115.4k is the extension of the weekend range. There is the 1 std deviation higher extension of the VWAP anchored to the range low (98k) at 115.7k. This VWAP worked as a support before, so it will likely work as a local resistance this time.
However, the main support was the VWAP anchored to the last low before the breakout (107.3k). This VWAP which is currently at 116.9k is now our main resistance. Once we close a 4h and preferably a day above that level, we will resume the uptrend.
The main weekly liquidity is up to 115,165. I am expecting a pullback from the 115k-116k zone.
This is either going to be a higher low like the previous low at 98k where on Monday, the higher low was at 99.6k.
Or, we will sweep the lows between 110k and 112k. There is a potential liquidity target at 111.5k which also falls inside the 1.114-1.214 extension of the weekend range.
Summary: