$BTC | Update (1W)

The week opened with a sweep of the previous weekly high right at the start of the week, followed by a strong rejection on LTF. When you look at this coupled with what happened last week, the bias becomes pretty clear.

Inside the last weekly candle, we opened and pumped straight up into the 79.3k weekly imbalance zone where we saw a decent rejection, followed by a range forming over the weekend. Now this weekly candle opened and swept the weekend range high.

Now that the liquidity towards the upside has been cleared, there is more incentive for the market makers to target the liquidity that is still left untapped towards the downside.

This entire pump was full of easy longs as there were no liquidity grabs to the downside. When liquidity is being ignored on the short term, it suggests that the MMs are baiting people into longing and making it look easy. This accumulates liquidity towards the lows, which is then used for pushing price even lower.

After a few continuous bearish months, this is the first month that opened with a pump and then continued pumping till the end. The liquidity which was running thinner on the downside has now once again been accumulated through this short-term relief rally.

Now since we are rejecting the Monthly FVG and have taken out the weekend highs, I'm personally leaning towards further continuation towards the downside inside this week.

The first key support zone I'm monitoring is the 72.8k-70.5k region. For bullish continuation, we need to hold this region on revisit. However, I personally think that we won't get anything more than an LTF bounce from there before moving lower towards the 65k region.

We have two Monthly lows around that 65k region acting as a major downside liquidity zone. It's also a decent support region, so holding there on revisit will keep us inside this range. However, if we lose it, then sub 60k will be next, with a move going as low as 48.2k-37.6k in the upcoming months.

BTCUSDT

Perp

76,799.1

-1.77%