The chart shows Bitcoin (
$BTC ) in a clear downtrend on the daily timeframe, currently trading at $66,160 after a sharp -1.93% drop. Price has broken below key support levels, printing strong red candles with increasing volume on the decline.
Bearish signals are stacking up:
Bollinger Bands expanding downward, price hugging the lower band after rejecting the middle (~$76,983).
RSI(14) at critically oversold 29.3, RSI(6) even lower at 27.3 — momentum deeply negative.
Stochastic oscillator showing low readings (K:38.9, D:36.5), no bullish crossover yet.
Recent high was $68,385 in the last 24h, but failed to hold and plunged toward $65,081 low.
This setup screams continued downside pressure in the short term. Oversold conditions can lead to bounces, but with the overall structure bearish and no reversal confirmation, the path of least resistance is lower.
Trade Forecast: SHORT
$BTC /USDT Now!
Entry around current levels ~$66,160–$66,200
Take Profit 1: $65,000
Take Profit 2: $63,500 (extended target near previous structure)
Stop Loss: $67,500 (above recent swing high & markup level for protection)
Risk-reward looks solid 1:2+ on first TP. Perfect for scalpers or swing shorts in this momentum. Volatility is high — manage position size!
Bitcoin is testing major support — don't fight the trend. Bears in control for now. Ready for the next leg down?
Trade or SHORT
$BTC / $USDT Now! Follow & turn 🔔 on ✅ Let's catch these moves together!
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