FollowTheLevels
307 posts



















$BTC | Update (1W) The key level I'm observing this week is 70289, Ideally we need this weekly candle to close below this level for bearish continuation. If we do get a close below, then the next two weekly candles are likely going to take us below the 60k region, which will mark the local bottom and complete this setup phase on the weekly as well. The initial move after a major candle opens is usually a false one, and we are currently pumping after the Weekly/Monthly open. If we look at the weekly structure, we can see that there are two major imbalance zones created during this move down, and it would make sense to fill them before continuation back down. First weekly imbalance is at 71,434 and it lines up with the previous yearly low, while the second weekly imbalance sits at 79,311, which is a bit unlikely to be tested, but not out of the picture. I will be looking for short setups from these imbalance zones and targeting the 58.9k-48.8k region.






















