Let’s get straight into the price action.
BTCUSD (Weekly):
Bitcoin just printed a textbook Swing Failure Pattern (SFP) on the weekly timeframe—a potential signal for a short-term reversal or pullback. Price wicked above previous weekly highs, triggering breakout buyers, only to close back below resistance. This classic liquidity grab often traps late longs and opens the door for a retracement.
The weekly candle closed with a long upper wick, indicating strong rejection from the highs and seller presence above $70K. This behavior aligns with historical patterns where BTC tends to pull back after liquidity runs at key levels.
What to Watch Next:
Key Support Zones: Eyes are now on the $64K–$66K region for a potential bounce. A break below could open up the $60K level as the next support.
Volume Confirmation: Watch for declining bullish volume and increasing bearish pressure, which would further support a pullback narrative.
Invalidation: A weekly close back above the recent highs would invalidate the SFP setup and could signal continuation toward new all-time highs.
Conclusion:
The SFP on the weekly chart is a caution signal for bulls. While long-term structure remains bullish, traders should be prepared for short-term volatility and possible retracement. As always, manage risk accordingly.$TRUMP
