BTC CME Futures - Last pump before retest of the lows?Using both FIB levels at different anchor points, we can see where BTC has struggled in the recent past and where we can expect it to struggle again in the future. All gaps have been closed on the chart and we can see using the VPVR that the heavy POC area around $6425-$6475, which we expect to cause trouble again especially if the ETFs news doesn't yield good news.
RSI is resuming its move higher towards resistance and the MACD is slightly crossing positive. This, in turn, could signal a move up to our target short area where a trade can be entered at a better risk vantage point. Predicting patterns before they appear is never a good strategy but we could potentially see a possible H&S form if we get up to our short and reject back lower. Volume has also not accompanied this move up, which is another sign that this could just be a pullback before the continuation of the trend lower.
Keeping all this in mind, we don't necessarily need a break out of the triangle to test lower and we have already rejected and are hanging out near the top of the pattern. Any breakdown from here could spell bad news for bulls and bear just take over control and test lower again. We are currently in a no-trade zone with futures contract expiration today and we are expecting the next week or two to be very volatile.
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