#BTC# Update and Weekly Plan

BTC found support at the 20W SMA/21W EMA a.k.a. the bull market support band. If that support didn't work, BTC could go all the way down to the 50 week SMA at 95k, however, in my opinion, it wouldn't make sense this late in the cycle, because BTC could only put 13% above the January high, and after dropping down to 95k it would need a significantly fast move to the cycle top within 3-4 weeks. 95k is still not completely out of the picture but I see it unlikely with the current data.

Let's jump into the charts.

On the 3-month liquidity chart, there is liquidity until 106.5k. Again, I see it unlikely but if tomorrow the MM tries to sweep the lows, 106.5k would be the target because it is a liquidity region that has confluence with the Monday range lower extension.

Looking at the lower timeframes, the key liquidation zones are 113.9k, 117k and 120k.

Bitcoin is already in the upper 0.114-0.214 extension of the Monday range and the 24h liquidity is already swept. The next extension target is at 111.5k which has confluence with the AVWAP from May High. This could act as a minor resistance and a price to take profits from the scalp positions however the liquidity at 113.9k will actually be the first main target. That zone has a confluence with the AVWAP from the ATH and AVWAP from 98k and lies in the golden pocket of the 98k-124.5k range.

Most likely, retail will try to aggressively short every resistance resulting in a short squeeze. Retail Short Ratio is already back at 35% up from 30%.

The green line (May high AVWAP +1 Std. Dev.) is at 117,100 and the EQ of the range is at 118,100. The zone between 117k and 118k will be the next target once short squeeze starts.

As long as 110k is flipped back into support, BTC will go back in the higher range and into the uptrend.