At this juncture, Bitcoin stands at a critical crossroads, having maintained a trading range for an extended period exceeding one month. The imminent unveiling of market direction looms palpably. With the approach towards the lower bound of the range at 59k, a decisive closure of the 4-hour bar beneath this threshold could signal a downward surge towards our most recent daily higher low. Naturally, due consideration must be given to potential retracements before the bearish momentum solidifies. Our focus shifts to tomorrow's analysis of the volume profile, a pivotal factor in delineating potential paths forward.
In contemplating a more optimistic scenario, a noteworthy pivot off the range's lower boundary, coupled with either a swing failure pattern or a rebound from the proximal demand zone within the 12m timeframe, could set the stage for a resurgence towards the upper echelons of the range.
In contemplating a more optimistic scenario, a noteworthy pivot off the range's lower boundary, coupled with either a swing failure pattern or a rebound from the proximal demand zone within the 12m timeframe, could set the stage for a resurgence towards the upper echelons of the range.