$BTC

📊 New Day, New Data

Bounced from the last demand POI, but statistically speaking, the weekly low is weak.

Let's see what could be next 👇

Price:
Very strong and aggressive bounce from our demand POI, which is exactly what you want to see for bullish continuation. Leaving some good new lower timeframe demand POI's in the process.

We took out yesterdays high and rejected at the most refined supply. I'm expecting a rotation here towards the daily lows to find support from there.

We do have some conflicting data, so let's have a look at statistics.

Time:
/weekly
✅ 8% chance to take out the weekly high
❌ 80% to put in a new weekly low, if the high holds
➡️Bias: bullish

/daily
⚠️ 37% chance to take out the daily low
❌ 99% chance to put in a new high, if the low holds
⚠️ 93% of daily lows form after 00:00
➡️Bias: bearish

Distance:
/weekly
⚠️ 30% chance to take out the weekly high
❌ 100% chance for more displacement
⚠️ 89% of weekly highs have bigger wicks
➡️ Bias: bullish

/daily
⚠️ 34% chance to take out the low
❌ 100% chance for more displacement
⚠️ 96% of daily lows have bigger wicks
➡️ Bias: bearish

Plan:
We saw a textbook bounce from the demand POI, but with the weekly low statistically weak and the daily bias still pointing down, we need to stay cautious.

Since we're already high up, I do expect we take out the weekly high.

From there, there will be a 5% chance to take out the weekly low, with a lot of room for more displacement, meaning higher prices are very likely if we take out the weekly high.