BTC pumped 9.2% yesterday, all the way to 70K. The long the compression, the bigger the breakout, and Bitcoin proved it again. Got stopped BE on the shorts we've been building since 67K, which is totally fine because we banked nicely with those. I can already hear the "are we back?" thoughts. I think it's important to zoom out in circumstances like this. We re-entered a much bigger range, but we're still below key resistance, and therefore still in a downtrend. Don't rush into trades after the volatility we saw yesterday, price needs to catch a breath first. Locally, after a pump like this, only shorts make sense, ideally after a stab of the 70K PDH. Positioning for a pullback has the highest probability here imo. For longs, there are two main areas I'm watching. The 50% of yesterdays daily candle and the range-low. The 50% of yesterdays daily candle is around 67K, an interesting POI for momentum trades. The most ideal scenario for me is to retest the range-low of the HTF range we broke back into. When we arrive in the 65K/66K range-lows, I'm looking for triggers to execute longs. Finally the action we've been waiting for.(Lennaert Snyder)