High 116s is indeed the first trouble area.
$BTC
1 week later
Price trading into the level where I'd want to see any aggressive sellers getting absorbed either on the tape or through resting bids holding firm to consider longs from acceptance back inside the range. Price has also traded the 115 lows from July 11th into the single prints.
If buyers can drive and hold price above 117s, that would be an encouraging sign for longs, targeting upper side of this local composite at around 120s and potentially higher.
On the flip side, failure to sustain above high 116s, especially if heavy sell side delta imbalances continue hitting the bid then that opens up the path back toward 112s, confluent with previous ATH's - essentially a breakout out of the comp followed by initiative selling.
Currently positioned short from 122s looking for reasons to attempt a long upon acceptance or lower down - staying fluid is key.
Wishing you all a fab day ahead.
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