$BTC | Monthly

This does not look good for the bulls...

The previous Monthly candle rejected from the Imbalance Zone created during the last move to the downside. After 5 consecutive bearish candles, a pullback to rebalance the PA was not out of the ordinary.

Now we can see that the previous Monthly candle closed as a bearish shooting star, followed by a dump at the start of the current month.

If we look purely at the Monthly Structure, the first decent support zone where we could potentially see a bounce sits around the Quarterly Open region between 68.2k and 66.9k.

That's the area we should be paying close attention to right now.

There are some LTF levels in between, such as the 70.4k Daily EQLs, but that area is not particularly strong and can easily be turned into liquidity, resulting in a move all the way down to the Quarterly Open.

Personally, I am expecting some relief from the 68k-66k region before any further continuation to the downside. My first target for a potential Macro Bottom in this bear cycle remains 58.8k.

If we lose the 58k region, things could get a lot more interesting, with the 49.5k-41.6k region coming into play, followed by a possible exit flush into the 37k-38k region, which has remained my Max Pain target ever since the 120k highs.

This is the plan we’ve been following for the last 6+ months without any deviations, and so far it has played out almost perfectly. It has remained extremely rewarding, helping us position in the right direction while others were in doubt and calling for higher prices.