Bitcoin: Absence Of Selling Look For Longs At These LevelsBitcoin / TetherUSBINANCE:BTCUSDTMarcPMarketsBitcoin reaction to the recent catalyst is NOT that bearish, do not over react to this. The broader time frame support around 63K is still being maintained which can be interpreted as an absence of selling. While the broader structure is still implying lower prices, we cannot assume price will break UNTIL is provides evidence of a break. I makes sense to look for short setups on smaller time frames, but BE very cognizant of a retest and FAILED break of support. This can lead to a dramatic bullish squeeze over the coming week. A break and CLOSE substantially above the 72K confirms a change of momentum which will shift probabilities to favor longs on the smaller time frames. Until then, while a bullish reversal is a possibility here, it is important to weigh risks and observe confirmations on BOTH sides of the market. A bullish reversal is the aggressive idea because it goes against the broader structure, but there are some early signals pointing to this possibility (lingering range, refusal to break). I recently shared a long and short setup (in advance) and both reached their profit objectives. It's all about how you adjust to oncoming information relative to the price action around key locations (known in advance). The other part of the equation is the reward/risk expectations. IF the 59K to 60K area is substantially compromised this week, then it would be within reason to anticipate a test of the 50K to 53K area. This means short term bearish strategies will be better aligned, offer better reward/risk, etc. You just have to identify the optimal levels to watch new confirmations for AFTER the break. Let the market reveal its hand FIRST. Forecasting and marrying opinions can get you into a lot of trouble, unless you have non public material information before everyone else (usually illegal). Don't make the mistake of assuming you know the future because things change FAST. The skill is to be able to recognize the change and adjust risk and reward potential constantly. This 4H timeframe serves as a useful guide as far as anticipated scenarios BUT without recognizing and adjusting to confirmations it is no better than all of the other chartoons on this platform. Thank you for considering my analysis and perspective. For daily updates see signature.