#Bitcoin | $BTC

Macro thesis for anyone curious about what I think about the Monthly candles and general market structure.

Wave 4 formations normally like to retract into the 0.5 - 0.62 of the Dealing Range. Seeing as this is a monthly timeframe we are looking at, I believe the tap into the 0.5 on August 5th is sufficient.

What we wanted to see next, was price trade into the August wick and ideally come close, or tap the 0.62. In which it did, price deviated 0.67% over that level.

The more price trades sideways, the more open interest is opening on the highs of the range. With August lows in tact, I believe the draw on liquidity is to the upside. We just need to get through this short term pain.
#Bitcoin #BTC