$BTC We are approaching the Monthly Close with a significant amount of liquidity resting on both sides. Usually, when we see these kinds of conditions, price ends up sweeping both sides.
What I'm observing right now is this falling wedge forming on the 12H. If we reject the upper trendline around 64.8k, it could trigger the next leg down into the 62.2k-61.2k region.
If that scenario plays out, I think it's highly likely we reverse after the Monthly Open and target the liquidity sitting above, around the 67.4k region.
This is the favorable scenario I'm observing based on the current structure. However, if we break above the wedge instead, then the 67.4k liquidity is likely to be taken first.
Either way, the play here is simple: wait and observe which side gets taken out going into the Monthly Close and the start of the new month, then look to target the resting liquidity on the opposite side.
What I'm observing right now is this falling wedge forming on the 12H. If we reject the upper trendline around 64.8k, it could trigger the next leg down into the 62.2k-61.2k region.
If that scenario plays out, I think it's highly likely we reverse after the Monthly Open and target the liquidity sitting above, around the 67.4k region.
This is the favorable scenario I'm observing based on the current structure. However, if we break above the wedge instead, then the 67.4k liquidity is likely to be taken first.
Either way, the play here is simple: wait and observe which side gets taken out going into the Monthly Close and the start of the new month, then look to target the resting liquidity on the opposite side.