$BTC | Update (1D)

We bounced from 59.8k after sweeping the previous low and closed the weekly with a wick to the downside. Inside that wick, we have some LTF levels with untapped liquidity created over the weekend that is still pending to be taken out.

A pullback towards 60,708 would fill roughly 50% of the last weekly candle's wick while also clearing some of the liquidity created over the weekend. If we get that pullback, I'll be looking for a scalp long from there.

In terms of where I see us headed this week, I'm eyeing 64.9k as the pivotal level that will determine the next move.

If we tap it and see a sharp rejection, it would suggest further continuation towards the downside this week. If we break above it, then we can assume the local bottom is in for now and likely see a move towards the Quarterly Open at 68,241 at minimum followed by sideways and choppy price action for the rest of the month.

I'm bullish here given that we've already seen a 28% drop over the last 25 days or so. There's clearly more liquidity and imbalance sitting above current price that still needs to be taken out.

That being said, we're still inside an impulsive HTF leg to the downside. If we fail to reclaim 64.9k, then we will likely continue lower towards 54.5k before finally catching a breather.

The 58.9k monthly low was front-ran, which is where I had my first spot order as well as the next TP for my swing short. I'm not going to FOMO here because that area still holds a significant amount of liquidity and it's going to get taken sooner or later.

However, I might be adjusting my TP on the swing short down to the 54.5k region because it's very likely that we dump straight through the 58k-59k region on revisit