BTC - Ping Pong
2024-10-10

For TPO and session profile enjoyers, this past few days of price action was pretty clean technical ping pong between key levels.

We took out some poor highs and lows, some npocs and drifted between daily poc and value areas.

Bigger focus should be on the green and red plays on the chart, everything in between is probably fun for scalping, but I wouldn't try to catch generational entries in there.

Red: Clean up the bad highs we left at 66k. This can be an SFP or a longer deviation above, then tuck back below. I'd say anything until 70k still respects bearish structure on high timeframe. LH - LL, with 70k being the LH that created the LL. Until that supply block gets cleared, structure is still bearish.

Green: clean up the bad lows at 57k. I'm a bit conflicted about this one, because I think 57.2 has been a draw to price for a while, but I'm also half expecting it to get frontran so will look for signs of absorption around 58-58.5k. This goes against my usual way of trading, but it's also the reality I've had to deal with over the past weeks and months: levels getting frontran left and right. We adapt.

Blue and Orange paths are just scalps in this local range. Don't get chopped up, there is no need to rush or force anything. We survived another golden bullrun and no-more-pullback-ever from the sidelines, preserving capital and ignoring the fomo.

My usual advice still stands: make sure you have capital to buy the blood when people that position on leverage in chop get rekt. Whether that's below or above current price is irrelevant.