BTC update

Hello everyone,
As the weekend approaches, things should start to quiet down. Historically weekends are low in volume with fewer participants in the market.
I am sure most of you know by now that BTC is trading in a range forming a flat triangle.
Yesterday we had a clear liquidity hunting event with big players liquidating small participants on support to create liquidity to fill their orders. These are usually positive events that suggest demand from institutions and big funds at this level.
In trading ranges, the middle zone is a no-trade zone. Instead, if you are a trend trader, you will enter when BTC breaks the 50k level or 46k. However, traders usually buy on support and short on resistance.
BTC has already painted two fake-outs, suggesting that bears have a hard time pushing prices below and demands are meeting the supply. As supply will dry up, it will be much easier for bulls to move prices up.
In the very short term, I see BTC possibly retest the 45500 one more time to start than making its way up to retest the 50 levels.
I am personally leaning towards a bullish bias.
This is not just due to the different indicators which are oversold but also from the September Fractal explained in the previous video and from the Elliott Wave analysis, which suggests we completed a 5 wave down (Wave C), so we should have a reaction at least to 55k.
Nevertheless, if we pause and look at the macro picture, we can conclude that the primary and intermediate trend is still bullish, with the 50wMA and the 200dMA providing support. Also, there is a strong confluence of long term and medium term VWAP providing support in the 46 areas.
This means that Bitcoin is currently at its fair mean price, which usually provides a good bullish bias considering the Risk/Reward ratio.
My suggestion is always to wait for an open and close confirmation, ideally of a daily candle over the res or supp.
I hope this helps you have a clear picture of BTC and play your odds better.
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