#BTC Update

After a terrifying week, Bitcoin closed clearly above the 50W SMA while the Senate voted in favor of ending the shutdown.

Let's analyze Bitcoin as simple as we can, starting with AVWAPs.

Yesterday, Bitcoin broke above the AVWAP at 103.4k which is anchored to the local high at 111k. As of now, it is just below the AVWAP anchored to the local high at 116k, at 106.9k. Once it breaks above, the next target will be the AVWAP anchored to the ATH at 111.4k.

We can safely say that 103.4k is an important level for support. There is also a potential new AVWAP as support, which is currently at 104.1k.

Let's go on with the volume profile. If we drop a fixed range volume profile at the first candle BTC broke above 100k until now, we can see that the VAL of the range is at 106.3k.

The POC at 109.3k comes in as our second important resistance.

The VAH is at 119.2k. I think it is too early to discuss that level right now.

After a long time, whale vs retail delta is positive again. Retail long ratio is dropping.

It looks like Bitcoin is on a healthy path of recovery. We can see pullbacks, a re-test of the 50W SMA (meanwhile closing the CME gap) but considering the news about the shutdown ending, I think we can also front-run all that stuff.

The support is at 103.4k. The first resistance is at 106.9k. Once BTC flips that level into support, 109.2k and 111.4k are next.

I will take a good chunk of profit out of my long positions at 112k. However, if BTC flips 112k into support, we can start talking about a new all-time high.

Have a good week ahead! See you tomorrow for the weekly plan!