$BTC | Monthly
The Last Monthly Candle Closed as a Bearish Engulfing.
However, This doesn't necessarily mean we're heading lower, But it's definitely something to keep in mind, Considering this pattern has a historical reversal rate of 79%.
What's important to watch now is how price reacts around the Previous Monthly Low at 76.2k and the Monthly FVG Region at 74.9k-74.4k.
Ideally, We want to see a quick sweep of these levels, Followed by an immediate reclaim and acceptance back above.
We don't want to see price spending too much time chopping or ranging around these zones on the LTF.
The longer price stays around these levels without a strong reaction, The less likely we are to see a meaningful bounce.
I'm Bullish as long as we hold 74k on the Higher Time-Frames.
If lose it, I'll start paying attention to the Bearish scenarios.
For Now, I'm Swing Long & Fully Exposed in Spot.
The Last Monthly Candle Closed as a Bearish Engulfing.
However, This doesn't necessarily mean we're heading lower, But it's definitely something to keep in mind, Considering this pattern has a historical reversal rate of 79%.
What's important to watch now is how price reacts around the Previous Monthly Low at 76.2k and the Monthly FVG Region at 74.9k-74.4k.
Ideally, We want to see a quick sweep of these levels, Followed by an immediate reclaim and acceptance back above.
We don't want to see price spending too much time chopping or ranging around these zones on the LTF.
The longer price stays around these levels without a strong reaction, The less likely we are to see a meaningful bounce.
I'm Bullish as long as we hold 74k on the Higher Time-Frames.
If lose it, I'll start paying attention to the Bearish scenarios.
For Now, I'm Swing Long & Fully Exposed in Spot.
