$BTC - Since my last update, even though it may look like not much has happened, there have actually been some important developments.

The price has managed to break above the 1D Bull Market Support Band, which has been a strong reversal spot over the last couple of months and a strong resistance range. Since then, it has been consolidating above it.

If the price can manage to bounce off this support band, then the mid-term outlook will become decisively bullish again.

But I think the best approach on the low-timeframes right now is to remain somewhat conservative until we get clear signs confirming that this is not just a fakeout above the band, but a durable reclaim and breakout.

That said, my overall stance remains the same. Going forward, I’m well positioned for a reversal to the upside, as I’ve been accumulating over the last couple of weeks, rotating capital out of my defensive positions.

But I remain conservative by keeping some cash on the side so that in case of a break below the support band or the high-timeframe support range marked in purple, I can scale back into hedges to mitigate the short-term downside risk, since that would open the door for a deeper pullback toward the high-timeframe support range marked in blue, aligning with the early-April bottoming formation.