BTC Despite my bias, we are still trading within a range. In March, we formed a long imbalance wick, followed by a violent retrace lower after the upside push. Then in April, price pushed directly through external supply and fully filled the entire March wick. In doing so, liquidity was rebalanced, significant short delta was taken, all while price remained inside a predefined range. Yes, some will call it a breakout. Yes, some will call it a structure shift. But to me, a true structure shift is only confirmed after multiple weekly closes above key areas, followed by consolidation / reaccumulation, then expansion. As of now, we do not have that. All we currently have is a wick above the highs. We still have the CME gap at 77.3K, which I previously mentioned could get filled. However, if this behaves similarly to the 84K CME gap, it may take considerably longer than many expect. Either way, April’s narrative was clear: bullish intent. Hunt the short delta resting on the March wick, then sweep the highs. That leads me to believe May could become “sell in May and go away.” With short delta already cleared and liquidity rebalanced, it would make sense for the next move to rotate lower. Overall, it is important BTC remains below the CME gap and the 78.3K wick. If price does, and we maintain bearish structural acceptance below the March wick high, then I would expect a move toward the weekly open first, then 70K, and ultimately a revisit of the range lows. Hopefully this helps you better understand my current stance.(Killa)