$BTC

During my public stream yesterday I explained that:
1. I was expecting the weekly high to not be in
2. However, I thought the highs would be put in not far from the (then) current weekly high

In other words: every break of the weekly high would likely be shallow. This is still my stance:

The reason being is the time and distance statistics from @BrighterData. Yesterday, at the time of the stream, they were the following:

- 87.8% of P2s (weekly high) were put in later
- 27.5% of bullish weeks see more displacement from low to high

This means that the weekly was getting pretty exhausted in terms of distance (already saw a top 30% move), it would have been very early to put in a P2 in terms of time.

Screenshot from yesterday's stream:

My conclusion was: we'll probably have to put in a weekly high later this week, but given that price is already so extended, it will probably not be much higher from where we are now.

Of course it could be that price just keeps extending and you are going to a top 20% or even top 10% move in terms of distance. It's just not something I bet on.

At the very least, the stats have kept us out of shorts. So what are the stats saying now? Pretty much the same thing:

You can see that the time metric has decreased to 80%. So while this is a bit lower than our previous 87.8%, it is still pretty elevated.

So my bias remains the same: unlikely that the weekly high is in, but also unlikely that we are going to go much higher this week.

So looking for shallow breaks of the high.