New monthly open for $BTC.
We’ve formed quite a bearish narrative going into this new monthly candle. Because of that, there’s a good chance we see a bullish reaction at the start of the month.
As seen in previous examples, whenever BTC heads into these periods with a bearish narrative, we usually see an inverse move. The only times we don’t are when we’re on the verge of a major trend shift, like in November, February, and June.
Given we’re still ranging and close to the bear market lows, I think there are two scenarios: 1) one final leg down below $57K, or 2) we start pushing higher this month and continue the range.
Personally, I think a 2–4% move up at the start of the month makes the most sense even if we head lower.
Most traders are probably looking at this $BTC consolidation and expecting a repeat of July 27.
I don’t think it’s that simple. The backdrop is completely different.
July 27:
• Whale positioning barely improved
• CVD fell, showing aggressive selling
• OI stayed flat, meaning little fresh leverage entered
Now:
• Whale positioning is surging
• CVD is rising, showing aggressive buying
• OI is climbing fast, confirming fresh positions are entering
Similar price action. Very different data.
#Bitcoin still needs to clear $65k, but this setup favors a different outcome.
If clarity passes I expect the bottom to be in or a massive bounce into a terrible crash. If it doesn’t pass.. you know what happens next. People will call lower and lower
@ThourCS2 Played 3 games after work yesterday. I say played I was afk for the first two because of spinbots and the third a guy was walling. Literally unplayable
@JustinBennettFX USCD.D+USDT.D did break the weekly internal low which is what I was thinking would happen before we target the higher internal weekly target. We still have time to go higher imo but very limited