⚠️ #crypto : The bullish setup just got invalidated. 📉
One analyst updated their view after the weekly close. 🔍
📊 What changed:
• BTC closed below the September range low at $74,967.
• It also closed below the 50-week SMA (~$75,600). SMA = simple moving average, a trend line based on past closes.
• Daily, 3D, weekly and 2-week candles all closed below these levels. 🕯️
🧠 The author's view:
The bullish SFP thesis failed. (SFP = a quick break of a level that price then reclaims.)
He moves from bullish to NEUTRAL. ⚖️
🟢 Bull case:
BTC is trading between the 20-week and 50-week SMAs.
The 20-week is nearing a bullish cross above the 50-week.
If BTC reclaims the 50-week, this could still turn out to be a fakeout.
🔴 Bear case:
The 200-day SMA hasn't been tested yet.
If it fails, the next watch zone is the $67.5K POC (a high-volume price level). 🛡️
⚠️ Risk note: This is one analyst's opinion, not a confirmed signal.
💬 Will BTC reclaim the 50-week SMA, or are we heading to the 200-day? Share your view 👇
$BTC #Bitcoin #crypto #BTCanalysis #BinanceSquare
Not financial advice. DYOR.
One analyst updated their view after the weekly close. 🔍
📊 What changed:
• BTC closed below the September range low at $74,967.
• It also closed below the 50-week SMA (~$75,600). SMA = simple moving average, a trend line based on past closes.
• Daily, 3D, weekly and 2-week candles all closed below these levels. 🕯️
🧠 The author's view:
The bullish SFP thesis failed. (SFP = a quick break of a level that price then reclaims.)
He moves from bullish to NEUTRAL. ⚖️
🟢 Bull case:
BTC is trading between the 20-week and 50-week SMAs.
The 20-week is nearing a bullish cross above the 50-week.
If BTC reclaims the 50-week, this could still turn out to be a fakeout.
🔴 Bear case:
The 200-day SMA hasn't been tested yet.
If it fails, the next watch zone is the $67.5K POC (a high-volume price level). 🛡️
⚠️ Risk note: This is one analyst's opinion, not a confirmed signal.
💬 Will BTC reclaim the 50-week SMA, or are we heading to the 200-day? Share your view 👇
$BTC #Bitcoin #crypto #BTCanalysis #BinanceSquare
Not financial advice. DYOR.
