$BTC Did end up fully rejecting from the breakout level and has now tested the low $70Ks.
This area has been my high timeframe area of interest where I believe BTC is at an interesting price again for a long term horizon.
Of course it is anyone's guess where this bottoms out and how long it takes. We do tend to see Bitcoin retest its Daily 200MA/EMA & Bull Market Support band after its initial impulse out of the bear market. That is what we’ve been seeing last week. But the reaction so far has been slow.
From here it is just a matter of watching whether the weekly candle holds this area and if buyers indeed end up stepping in. They got a lot of work to do to fix these candles.
Especially ETF flows have been hammering the spot books so you need some kind of pause there for this to see relief.
This area has been my high timeframe area of interest where I believe BTC is at an interesting price again for a long term horizon.
Of course it is anyone's guess where this bottoms out and how long it takes. We do tend to see Bitcoin retest its Daily 200MA/EMA & Bull Market Support band after its initial impulse out of the bear market. That is what we’ve been seeing last week. But the reaction so far has been slow.
From here it is just a matter of watching whether the weekly candle holds this area and if buyers indeed end up stepping in. They got a lot of work to do to fix these candles.
Especially ETF flows have been hammering the spot books so you need some kind of pause there for this to see relief.
