💰 #BTC | Weekly

The last weekly candle rejected from the major resistance around the 72k region and dropped back down towards 65k, where we had untapped weekly lows which have now been filled. From that area, we’ve seen a bounce, and price is currently filling part of the wick created by the previous weekly candle.

Now, the important thing to watch here is the upcoming monthly close in few hours. Because of that, we can expect two potential scenarios from here:

Scenario 1:
A rejection from the previous weekly open and the key bearish continuation region (67.8k-68.8k) would support further downside continuation.

Scenario 2:
If the new monthly candle opens with bullish momentum, we could see a push towards the 71.4k-72.6k region before continuation back to the downside.

The last weekly candle also closed as a bearish pin bar, and the current weekly candle is going to be the confirmation candle. For this pattern to remain valid, price should not exceed the 50% level (68,460) of the previous candle, which falls inside the red bearish continuation order block.

If this order block is reclaimed, it would invalidate the Pin Bar setup and likely lead to more sideways price action within the range, potentially pushing the price back towards the 71.4k region for another bearish retest.

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20% Gain

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