Bitcoin ($BTC) recently showed a Change of Character (CHOCH) after a corrective move and is now trading inside the previous Order Block. Traders are watching closely for the next move.
๐น Short-Term Outlook
๐น Price may retest the first Order Block before pulling back.
๐น A stronger move could extend into the second Order Block, aligned with the 50% Fair Value Gap (FVG), before a possible retracement.
๐ Broader Market View
The overall trend remains bearish.
Downside targets are still in play, so caution is advised for longs.
๐ Key Invalidation Level
A break above $121,166 with a strong bullish candle would invalidate the bearish scenario.
Such a breakout could mark the start of a bullish trend reversal.
โก Trader Notes
Watch reaction zones at both Order Blocks.
Use stop-losses below key support levels.
Look for confirmation candles before entering new positions.
