Bitcoin could certainly still drop further. I'm waiting for it to sweep down to $69K to trigger a fakeout dip before staging a strong reversal. Only after that confirmation will I look to enter long positions.
Breaking and holding below last week's low is a bearish indicator, showing that sellers remain in control. However, the price has now arrived at a major support zone where buyers historically step in.
What makes this area particularly robust is the convergence of three unfilled price gaps right at this level. Because of this confluence, I don't expect a straight, unyielding crash from here. Even so, I don't believe the ultimate bottom is in just yet.
Here are my primary downside targets:
$70K: The minimum expected target it needs to test.
$69K: The optimal liquidity sweep level to clear out late buyers before a reversal.
$BTC $SNDK $XAU #Bitcoin❗ #cryptouniverseofficial
Breaking and holding below last week's low is a bearish indicator, showing that sellers remain in control. However, the price has now arrived at a major support zone where buyers historically step in.
What makes this area particularly robust is the convergence of three unfilled price gaps right at this level. Because of this confluence, I don't expect a straight, unyielding crash from here. Even so, I don't believe the ultimate bottom is in just yet.
Here are my primary downside targets:
$70K: The minimum expected target it needs to test.
$69K: The optimal liquidity sweep level to clear out late buyers before a reversal.
$BTC $SNDK $XAU #Bitcoin❗ #cryptouniverseofficial
