OKX:PYTHUSDT on the 1h has now traded into a valid bearish C reaction area, with price reaching the projected ABC target box around the recent lows. That matters because the downside leg has already done meaningful work.
More importantly, the move into this zone appears to have cleared obvious sell-side liquidity beneath the nearby structure. From a SmellyTaz lens, that shifts the chart from blind downside continuation into a location where repricing higher becomes possible, especially after a completed expansion leg.
The first logical draw back up is the internal liquidity sitting into the WCL and the nearby inefficiency above it. If buyers can keep price accepted above the swept lows and start reclaiming that mid-zone, the bounce has room to stretch further into internal delivery rather than keep dumping immediately.
That said, this is still a reaction area, not a confirmed reversal. If price fails to hold this box and starts accepting below the recent sweep, the bullish response weakens fast. For now, the location matters more than the candle.
Disclaimer:
This is not financial advice.