Yesterday swept the weekend high in London before pulling back to the local range low in New York, and price has since held a narrow 1,000 point range, now testing its upper boundary after a swift rejection just below 85,000. Price sits inside Monday's range and just above September's value area, as spot CVD shows initiative and open interest ticks up beneath a thick cluster of resting sell orders around 86,000. Sentiment seems to be turning in crypto despite rising rates, with nonfarm payrolls and unemployment due tomorrow.
🟡 October 1, 2:55pm ET
Yesterday swept the weekend high during the London session, then pulled back to the local range low during New York.
Price has since traded in a narrow 1,000 point range, and is now testing the upper boundary after a failed reclaim and swift rejection just below 85,000.
Price has spent the last week in this narrow range, digesting the rejection from 87,000.
So far, the previous local range high has held as support.
Price is inside Monday's range, sandwiched between the yearly open and the May 5th swing high.
Meanwhile, the 30-day rolling VWAP continues to climb, and it sits as a potential target on a deeper pullback.
Price is trading just above September's value area.
Below, a single print and a naked point of control are still unfilled.
This is a battleground.
Spot CVD is showing some initiative alongside a modest uptick in open interest, so new longs opening are more than offsetting the shorts being pushed offside and forced to close.
Meanwhile, a thick cluster of resting sell orders sits around 86,000.
There is some cloudy overhang, with rising rates and an equity market that is potentially in the late stage of a euphoric boom.
But sentiment seems to be turning in the crypto ecosystem, as Bitcoin rises from what could be a late-inning bear market bottoming phase.
Manufacturing PMI printed roughly in line with expectations.
Tomorrow brings two key labor market prints, with nonfarm payrolls and the unemployment rate.
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Price has spent the last week in a narrow range, digesting the rejection from 87,000, and the previous local range high has held as support. Yesterday's London session swept the weekend high before New York pulled back to the range low, and today's failed reclaim just below 85,000 was rejected swiftly.
Structurally, price is inside Monday's range, sandwiched between the yearly open and the May 5th swing high, and trading just above September's value area. Below, a single print and a naked point of control remain unfilled, while the 30-day rolling VWAP continues to climb as a potential target on a deeper pullback.
Positioning makes this a battleground. Spot CVD is showing initiative alongside a modest uptick in open interest, as new longs more than offset shorts being forced to close, but a thick cluster of resting sell orders sits around 86,000. With manufacturing PMI roughly in line and nonfarm payrolls and unemployment due tomorrow, the question is whether that initiative can absorb the offers overhead.