Yesterday's sweep took out 78,000 and tagged 77,620 before price reversed hard off the low. The bounce carried to 79,700 and stalled short of 80,000, and price has since faded back to 78,830, giving up most of that move. It is back above the February open at 78,343 and holding inside Monday's range, with Thursday's profile still defining the wider range from 76,950 up to 81,000. The naked point of control at 81,000 is what caps this, with resting asks stacked beneath it. PPI lands tomorrow and inflation Friday.
🔴 September 9, 7:57am ET
Yesterday's sweep took out 78,000 and tagged 77,620 before price reversed hard off the low.
The bounce carried to 79,700 and stalled there, short of 80,000. Price has since faded back to 78,830, giving up most of that move.
Price is back above the February open at 78,343 after yesterday's sweep dipped beneath it.
The 4-hour EMAs have capped every attempt higher this week. Price is pinned between the two, and one side gives.
Price is holding inside Monday's range again, between the 78,636 low and the 80,410 high.
Wider out, the May swing high at 82,770 caps from above while the 30-day rolling VWAP has risen to 74,430 beneath. Monday's range is the frame that matters until one edge breaks.
Thursday's profile still defines the range, from 76,950 up to 81,000.
Yesterday's sweep stayed inside it and today's value has rebuilt higher at 78,700 to 79,350, with the rotation factor flipping to plus 20. The naked point of control at 81,000 is what caps it.
CVD has drifted lower since Sunday's rejection at 80,000, so sellers have had the tape, but open interest is flat and Tuesday's breakdown attempt was absorbed rather than followed through.
Resting asks are stacked from just above price up through 81,000. That supply is what any reclaim has to clear.
Risk appetite has been returning at the margin. Alts have taken 6.57 percent more share of total market cap since mid-August against Bitcoin's 0.88 percent, and dominance has rolled over from its peak.
They remain far below prior cycle highs, so this is rotation within a drawdown rather than a new leg.
PPI lands tomorrow with consensus at 0.4 percent after a flat prior month, then four inflation prints on Friday.
Both feed the September 16 decision, which the calendar still has forecast at 4 percent against 3.75 today.
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Yesterday's sweep took out 78,000 and tagged 77,620 on the session's largest volume bar before price reversed hard off the low. The bounce carried to 79,700 and stalled there, short of 80,000, and price has since faded back to 78,830, giving up most of that move. It is back above the February open at 78,343 after the sweep dipped beneath it, with the 4-hour EMAs capping every attempt higher this week.
The levels bracket tightly. Price is holding inside Monday's range again, between the 78,636 low and the 80,410 high, with the May swing high at 82,770 capping from above and the 30-day rolling VWAP risen to 74,430 beneath. On the profiles, Thursday's session still defines the range from 76,950 up to 81,000, and today's value has rebuilt higher at 78,700 to 79,350 with the rotation factor flipping to plus 20. The naked point of control at 81,000 is the cap, and Thursday's value area high sits at the same price, so two separate profile levels land together there.
Positioning shows pressure without conviction. CVD has drifted lower since Sunday's rejection at 80,000, so sellers have had the tape, but open interest is flat and Tuesday's breakdown attempt was absorbed rather than followed through. Resting asks stack from just above price up through 81,000, which is the same wall the naked point of control describes. Underneath, alts have taken 6.57 percent more share of total market cap since mid-August against Bitcoin's 0.88 percent and dominance has rolled over, though they remain far below prior cycle highs. PPI lands tomorrow with consensus at 0.4 percent after a flat prior month, then four inflation prints Friday.