BTC - intradayA lot of volatility, which is nice for trading either way.
The high we set on Monday morning gave a very strong rejection, but in the end we simply took out the weekend lows, then reclaimed and are now grinding higher into the imbalance we left.
Price is now coming into the first resistance, so we watch for either a reversal or see if price keeps grinding through this orderblock, in which case we expect the higher imbalance also to get taken out.
If that happens, I expect a lower high which creates bad highs, then into some ranging price action before we sweep the highs again. (a range trader can dream, rigth?)
For today, look for pullbacks into the blue zone. If the slow grind trend is strong, somewhere between the 0.618 and 0.382 is where I'd expect a reaction if we flush a bit at nyo. We have confluence with H4 trend, trendline, fibs and range poc here.
For now all the m1 lows are holding on low timeframe, I wouldn't get overly bearish or even looking for hedges before that breaks.
If price rejects here and loses the poc, look for a sweep of the lows first. There is a lot of OI build up and I expect some longs to be flushed, but that's no excuse to get bearish at the lows before they break. Just like yesterday, price reclaimed the low immediately, that was your moment to long.
