Bitcoin showing little sign of strength overnight after the weekly close at 20799. Overall remain in a range bound environment rotating from the lows to the highs of the current range established between the 20k $ psychological area. To the upside the new levels of resistance are now established at 22552$ and the high of the range around 24148$ zone, a break of that and acceptance above that prices it will lead the price action for a run up higher, 28k at least! due to the leak of resistance and speed of the run down. A possible clue for this to play out would be reclaiming of the upper levels.
If we look to the upside then we also have to look to the downside why? Because we trade probability and not certainties! so is good to be prepared for every scenario. Firs level of support to the downside is the range point of control currently sitting at 20536$– naked Daily point of control and range Value area Low at 19725$ where I will check the orderflow and monitoring reaction for a potential rotation or another failed auction. A lost of this level meaning we are leaving this range and new lows become probable to come yet. Going towards the end of the month Bitcoin is still manteining a bearish market structure on higher timeframe and show no clear sign of directional strength at the moment.
