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$BTC We are forming another compressed range after sweeping the previous low, which has historically led to further continuation in similar situations.
When we sweep or tap into a significant key area, the reaction from that level is what determines whether it will hold or fail. A simple thing to keep in mind is that if a level is going to hold, it will usually provide a strong V-shaped reversal.
The longer we continue ranging around a key area, the higher the chances of losing that area become. Given that we dumped right after the Monthly Candle opened, it's likely that we continue ranging for a while, sweep some liquidity towards the upside, and then eventually resume the move back to the downside.