Since breaking below 850 on October 7, the price has remained below that level for two weeks. There have been two rapid rebounds in between, but selling pressure has ruthlessly pushed it back down each time, and it has also broken below the key 810 level.
The price is now consolidating around 80,000. Until it can reclaim 810, things don’t look especially promising for the bulls. Below 80,000, the strongest support on the daily timeframe is clustered around 74,000–76,000, followed by support at 78,000–79,000 on the 4-hour timeframe. The rest can largely be ignored.
Where will this bottom out? Where can you buy the dip? No one in the market can give a precise answer, because bottoms aren’t called in advance—they’re formed by trapping buyers. Managing your risk is the key.
The price is now consolidating around 80,000. Until it can reclaim 810, things don’t look especially promising for the bulls. Below 80,000, the strongest support on the daily timeframe is clustered around 74,000–76,000, followed by support at 78,000–79,000 on the 4-hour timeframe. The rest can largely be ignored.
Where will this bottom out? Where can you buy the dip? No one in the market can give a precise answer, because bottoms aren’t called in advance—they’re formed by trapping buyers. Managing your risk is the key.
