$BTC
June is about to open with a scam pump and here’s why.
Over the past 10 months, the vast majority of monthly opens have been followed by a push higher before weakness sets in later throughout the rest of the month.
The only exceptions were November and February, where the previous month already ended with a dump and downside momentum simply carried over into the new month.
This time around, the setup once again supports the possibility of a move higher.
The recent selloff has created large amounts of liquidity above price, making a squeeze into the monthly open increasingly likely.
A move back into the recent breakdown levels would not only clear out that liquidity, but also provide the chance for a proper retest before continuing lower.
That said, I still believe any strength at the start of June is likely to be temporary and eventually turn into a bearish retest rather than the beginning of a new uptrend.
