Watching a potential short setup on $BTC as it tests key support
If $BTC stays below the current price and breaks through the near support level of 61,307, it could be setting up for a larger short-term move to the downside.
Bearish market structure, SMA7 above current price, SMA25 above SMA7, sideways 10-bar trend, flat/falling volume, bullish last candle.
If the price closes above the near resistance level of 66,956, this setup becomes invalid and a long position would be more likely.
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#MarketAnalysis
If $BTC stays below the current price and breaks through the near support level of 61,307, it could be setting up for a larger short-term move to the downside.
Bearish market structure, SMA7 above current price, SMA25 above SMA7, sideways 10-bar trend, flat/falling volume, bullish last candle.
If the price closes above the near resistance level of 66,956, this setup becomes invalid and a long position would be more likely.
…
#MarketAnalysis