$BTC Open Interest appears to be peaking again.
Here we look at price action immediately declining, which happened the last two times we saw Open Interest peak.
Since the peak in Open Interest, we can see that price has already started declining and is currently holding support around $60,000.
If support here is lost, I suspect price will come down to the next strong support zone around $55,000.
In this scenario, $BTC loses support at $55,000 and declines down to around $48,000 before finding support.
I would be looking at this pullback as a major opportunity for a longer term swing entry.
On the bearish side, we can also see a potential H&S formation. If this pattern plays out, then the measured move would bring price down to our $55,000 support zone:
Here we look at price action immediately declining, which happened the last two times we saw Open Interest peak.
Since the peak in Open Interest, we can see that price has already started declining and is currently holding support around $60,000.
If support here is lost, I suspect price will come down to the next strong support zone around $55,000.
In this scenario, $BTC loses support at $55,000 and declines down to around $48,000 before finding support.
I would be looking at this pullback as a major opportunity for a longer term swing entry.
On the bearish side, we can also see a potential H&S formation. If this pattern plays out, then the measured move would bring price down to our $55,000 support zone:
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