$BTC

📊 New Day, New Data

We’ve swept the weekly low, and with that, we now have a weekly low set on a Friday, which, as we know, tends to be more reliable as a pivot.

Let's see what could be next👇

Price:
Price tapped into the demand zone near the weekly low and is now attempting a reaction.

Lower timeframe structure is bearish, however, we now have a confirmed 1-hourly RSI divergence, suggesting we could see a relief pump during the New York session.

Possibly towards new daily highs or even the 118K supply zone, where rejection is likely.

That said, we’re still in an environment where further displacement is likely, both on the weekly and daily timeframes.

Time:
⚠️ 31% chance to take out the daily high
❌ 97% chance to put in a new low, if the high holds
➡️ Bias: neutral

Distance:
✅ 23% chance to take out the daily high
❌ 95% chance for more displacement
➡️ Bias: bearish

Plan:
Looking at the lower timeframe structure and context, I think we'll see a relief pump during the New York Session, in which we'll probably take out the daily high and move our way up towards the supply zone higher.

Will monitor New York data closely to see if it confirms my bias. However, if New York data turns bearish, it's highly likely to see more downside today.

To add:
Zooming out, the monthly high and low have probably not been set yet, meaning it’s very possible we sweep both ends of the range.