$BTC 📈
Price continues to test the weekly VWAP, but buyers have yet to show enough aggression to push above it.
Earlier, fresh shorts entered. As downside momentum stalled, shorts began covering, helping drive the latest bounce alongside a little spot buying.
Now liquidity is building above the recent highs.
Those intraday highs are poor, leaving unfinished business to the upside.
If price reaches that liquidity, I’ll look for intent: rising OI alongside spot buying. Without that confirmation, a move above the highs could be a liquidity sweep rather than a sustained breakout, with price then vulnerable to a rotation back toward the current lows.
The upside auction still looks incomplete as of now - there is currently no short for me at the weekly VWAP without a breakout attempt first. Only then will I receive the information I'm looking for..