BTC - 1D RangeboundBitcoin / US DollarCOINBASE:BTCUSDVIAQUANTIf you saw our recent post on the warning signs of BTC's weekly chart, we are now going to zoom into the daily and examine how that structure will be decided. For the last 2 weeks BTC's daily price action has been rangebound between 2 very important levels. The 0.786 (as we have been outline for the past couple weeks) and the 0.618. So far every rejection (wick high) has happened around the $120.4k level. This is the 1.618 extension target we have had outlined for a while. And if you look at the actual candle bodies, each has closed below that 0.786 confirming the rejections. The only way to negate this would be to close a daily candle ABOVE the 0.786 which would be over $120k on the Binance chart. What we have also seen is bulls holding strong support at the 0.618. Everytime we wick below bulls quickly buy it up thus creating our range. This can clearly be seen by the line chart we have added on the right. The line chart only takes into account candle body closes which shows the perfect bounces between support and resistance. However if we close a daily candle below the 0.618 $117.2k then that would signal lower price action tests are likely to ensue. Will update this post once we get the confirmation breakout or breakdown from this micro range.