$Coinbase Global, Inc.(COIN)$ $CME Bitcoin - main 2601(BTCmain)$ $iShares Bitcoin Trust(IBIT)$ ๐จ๐ฐ $BTC indicator flips bullish again. Buyers are stepping in again at this level.
Iโm focused on $COIN right here because the market is telling a very clean story across structure, volatility, and crypto beta.
Since flagging this zone yesterday, price has respected the $238.60โ241.00 band, flushed residual liquidity, and rotated higher back inside the Keltner channel. That response matters. This is not a bounce, it is absorption. Right shoulders are constructed through overlap and time, not through vertical upside candles.
The latest 4H structure shows short-term EMAs beginning to flatten rather than roll over, and volatility remains contained. When $COIN breaks down with intent, Bollinger bands expand aggressively and structure unwinds fast. That has not occurred. Instead, sellers pressed once, failed to gain follow-through, and were met with counterflow.
Order flow confirms this behaviour. The sell program into the low $240s lacked persistence, and demand absorbed supply rather than stepping away. That shifts this from a risk-definition phase into a construction phase.
As long as $238 holds on a closing basis, the right shoulder framework remains intact. A decisive loss of that level would invalidate the setup, but until then, the market is behaving exactly as a durable reversal should.
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