Vantage@Trader_Vantage
$BTC [Post Weekly Close Update]
BTC saw a weekly close with a bearish engulfing candle, which on the surface might look pretty damaging, but if you zoom out, it actually closed right within our multi-week/month horizontal consolidation range. That means it doesn’t really carry any meaningful HTF implications, despite the bearish-looking candle.
As I’ve said several times before, it’s only a weekly close below 88K that would trigger the next leg lower and potentially kick off the second, more aggressive phase of the bear market. Until then, we’re likely to keep seeing this compression and consolidation until one side finally breaks.
Also worth noting, price remains bearish from a HTF MS perspective and will stay that way until we get a decisive close above 108K. So essentially, we’re in the process of forming a HF LH (in the making) ahead of a LL – which is most likely going to be that 70K-ish target.
👉On the 4D/5D timeframes, we’ve now formed a fresh supply zone around 92K–93K, which could serve as our target from the 86K long entry. Once we reach it, we can then look for another short opportunity, potentially down towards 70K again.
👉On LTF - keep a close eye on 88,152.6 – a loss of this level will likely lead to a shallow PB into 87,700–87,500, which is a key area to hold on the mid-timeframes. If it gives way, we’ll probably see a correction back to new lows.
Have a great trading week, everyone!