#BTC# Update and Weekly Plan

Bitcoin initially got rejected in the -0.114 - -0.214 extension of the weekend range and then went higher to the Anchored VWAP +1stdev (anchored to May High - green line) and got rejected there. It is in line with our expectation of a pullback from the box between 114.7k and 116k. This pullback may end as a higher low or may sweep the lows likely at the extension level between 111,250 and 111,550. Let's jump in for our weekly plan 👇

We had a very narrow Monday Range so we will be looking for confluence with the higher timeframes. The .114-.214 extensions are too close and those extensions would be our actual borders, as the upper extension is the range low of the higher timeframe at 116k, and the lower extension is just above the 0.382 of the higher timeframe.

A shallow correction would find support between 113,050-113,650.

(1.618 extension at 113,050, Weekend EQ at 113,330, 0.382 level of the 98-123k range at 113,650, also a trendline connecting the previous lows)

A deeper correction would take us to the yellow box, and most likely to 111.2-111.5k (Weekend range extension, Monday Range 2.618 extension, liquidity).

Let's also talk about the upper end of the range.

The first extension between 115,870-116,030 is in confluence with the green line and also the higher tf range low. And the -0.618 extension at 116.7k is in confluence with the anchored VWAP (last low at 107k before the 123k run) and also the VAL of the July Range at ~117k.

-1.618 extension at 118.3k intersects with the descending trend.

Let's also look at the liquidation heatmaps before the summary of the post. As you can see, most of the weekly liquidity is around 120k. The lower liquidity is at 111,560 and there is some liquidity until 117k.

However if we zoom in to the 3-day heatmap, we can see that the first liquidity zone is at 113.6k, the next one at 112.5k, and the next one is between 111.3k and 112k.

SUMMARY

A sweep of the weekend lows is imminent most of the time. That's why we took profits and hedges from the 115k-116k range.

Usually, analysts expect a full sweep of the lows before a leg up, however, in the last few times, Bitcoin made a higher low and frontrun everyone.

My opinion and TL:DR; part,

🔵The more likely shallow sweep would be into the 112.5k-113.6k range.
🔵The less likely, deeper sweep would be into the zone between 111.2k-111.6k.
🔵To go back in the higher range, Bitcoin has to close 4h and preferably 1D above ~116.8k.
🔵The first resistance after that would be 118.3k, but it would most likely be a minor resistance as there is a liquidity cluster at 120k.
🔵If Bitcoin holds 114.7k as support for an extended time, it may not go lower and frontrun.
🔵During a possible BTC drop, I expect ETH to print a higher low and BTC.D a lower high. That means the bottom is in for ETH and other altcoins.