Here's what happened when my timeline filled with people calling for $BTC to drop well below $80k.
Most traders sold those retests because they believed every touch made support weaker. They locked in losses or sat out the bounce, then watched the level they just abandoned hold firm.
$80k on $BTC remains support until it actually breaks. The idea that repeated tests weaken a level is something most people have backwards. Look at the last bottoming range and the previous consolidation we broke out of. Both saw multiple retests of the lows before price absorbed the selling and expanded higher. Nothing about those tests caused the support to fail.
Ranges exist to shake out impatient traders who panic on every dip. The same structure often appears in $ETH during similar consolidations. The bigger risk right now is not another retest of $80k. It is getting forced out right before the next expansion, or chasing after it once the range resolves.
Where do you think this range goes from here?
#Bitcoin #CryptoTrading #SupportLevels
Most traders sold those retests because they believed every touch made support weaker. They locked in losses or sat out the bounce, then watched the level they just abandoned hold firm.
$80k on $BTC remains support until it actually breaks. The idea that repeated tests weaken a level is something most people have backwards. Look at the last bottoming range and the previous consolidation we broke out of. Both saw multiple retests of the lows before price absorbed the selling and expanded higher. Nothing about those tests caused the support to fail.
Ranges exist to shake out impatient traders who panic on every dip. The same structure often appears in $ETH during similar consolidations. The bigger risk right now is not another retest of $80k. It is getting forced out right before the next expansion, or chasing after it once the range resolves.
Where do you think this range goes from here?
#Bitcoin #CryptoTrading #SupportLevels
