Happy last week of the month! I’m sorry this week’s series came late.

Last Week’s Recap

Last week was really one hell of a week, lol. Sellers continued to dominate the market, extending their lead to three consecutive weeks. On 21/10, the market had a short term bullish stint as it peaked around 84.8K and got rejected immediately. Longer and shorter term sellers stepped in and drove price down to the 79K range, breaking the 23/08 high, which is an important reference.

last week tpo chart

Lots of poor highs that formed after the 7/10 profile have been repaired, while the 18/10 weak low has also been repaired. From 21/10 until now, none of the poor highs formed have been taken out, indicating that sellers are still dominant. The new low formed on 24/10 has not been repaired either.

The p shape formed from 23/10 to 24/10 will further weaken the market

p shape profile

, as I expect a new low to be made. One major thing I took away from last week was the 21/10 POC area, which migrated with price as price moved higher. That is another major level I will be watching this week.

Dominant Concern

  • 21/10: 20 year Treasury bond auction.

Last Week’s MGI

  • 21/10 poor high.

  • 21/10 prominent POC area.

  • 22/10 single prints.

  • 22/10 poor high.

  • 24/10 poor high.

  • 24/10 poor low.

  • 25/10 poor high.

  • 25/10 poor low.

The Week Ahead

The week started weak, as the market’s current low is one tick above the 24/10 low, making it a weak low. This also suggests that there is a chance the market will make a new low and then reverse. Selling pressure has continued this week, although I see buyers holding the 79K range, which I find weak at the moment.

Dominant Concern for This Week

  • 28/10: FOMC rate decision.

However, the current geopolitical tensions, coupled with the upcoming US election, will play a major role this week. These will influence whether market participants react negatively or positively.

Top Down Analysis

Monthly Timeframe

Sellers have completely taken charge of the market. It remains to be seen whether that will change this week. A new low was made.

monthly chart

High: 87.2K.

Low: 79.2K.

Weekly Timeframe

The current trend is down, and it remains to be seen whether buyers can respond and close the week green. For three consecutive weeks, the market has made new lows since the 87.4K high was established.

weekly chart

Daily Timeframe

The market looks weak and tired, but I guess sellers are getting exhausted here, IMO. Although there has been no sign of buyers either, my guess is that they are currently bidding.

The 23/08 high was broken twice, on 24/10 and 26/10, but the market did not close below it. Let’s see whether it holds this week.

TPO Chart

There is a lot of unfinished business since the 21/10 rally high. The 21/10 high was poor, and every poor high formed since then has remained unrepaired. I really don’t know whether it is a sign, but I believe this week might turn out positive.

However, the 24/10 and 26/10 lows are poor, so there might be a chance that we see a new low around the 78.5K–79K range before a reversal.

Sellers might be getting exhausted at the moment.

Key Levels to Watch

  • 23/08 high.

  • 28/08 high.

  • 22/10 single print area.

  • 24/10 poor low.

  • 21/10 prominent POC area.

thanks for reading, Do you think buyers can defend the 79K range, or will we see a new low before a reversal? Drop your view in the comments, and follow for more BTC Profile analysis and updates throughout the week.