$BTC :The market has spoken! A bearish pin bar on the weekly close indicates a strong rejection of the resistance level I drew. The price plummeted, respecting the strong zone and maintaining a clear market structure. Now, we're back at a crucial support level, and I'm watching for a potential lower low.
This is a classic example of how important it is to respect key levels and market structure. The rejection at resistance was swift and decisive, and now we're testing support again. If this support breaks, we could see a further downturn.
Always keep an eye on higher time frames, like the weekly chart, to get a better understanding of market structure and key levels. And never underestimate the power of a strong rejection – it can be a powerful indicator of future price action!
