🔥 BTC has consistently failed to break above the 76184 resistance level, consolidating with volatility over the weekend and creating a new low at 73333. Is the recent break below the previous low of 74835 a false breakout?
From the current market perspective, it appears to be a false breakout because after breaking below the previous low, the price recovered back above 74835. According to the current trend, this new low drop might be a move to capture long liquidity around 73333.
At present, this drop can be treated as a false breakout below the previous low. Whether it can hold above 74835 still needs to be observed over the next 3 candlesticks. The closing of the next 3 candlesticks is very important; only if all close above 74835 can it be considered a valid hold above 74835. Holding above 74835 is necessary to challenge the 76184 resistance again. Remember, only a breakout above 76184 will mark the end of the hourly-level downtrend for BTC and allow a continued rebound targeting resistance at 77581.
$BTC Aggressive traders can chase longs on a volume breakout above 76184 on the right side; a volume break below 74835 with a failed pullback to reclaim it means chasing shorts on the right side with proper stop-loss.
🔺 Hourly level breakout and hold above 76184 targets 77581-78600
🔺 4-hour level break below 74835 targets 73342-72020
Upper resistance: 76184-77581-78600
Lower support: 74835-73342-72020
$ETH
2125 volume break below, chase shorts on the right side with proper stop-loss.
From the current market perspective, it appears to be a false breakout because after breaking below the previous low, the price recovered back above 74835. According to the current trend, this new low drop might be a move to capture long liquidity around 73333.
At present, this drop can be treated as a false breakout below the previous low. Whether it can hold above 74835 still needs to be observed over the next 3 candlesticks. The closing of the next 3 candlesticks is very important; only if all close above 74835 can it be considered a valid hold above 74835. Holding above 74835 is necessary to challenge the 76184 resistance again. Remember, only a breakout above 76184 will mark the end of the hourly-level downtrend for BTC and allow a continued rebound targeting resistance at 77581.
$BTC Aggressive traders can chase longs on a volume breakout above 76184 on the right side; a volume break below 74835 with a failed pullback to reclaim it means chasing shorts on the right side with proper stop-loss.
🔺 Hourly level breakout and hold above 76184 targets 77581-78600
🔺 4-hour level break below 74835 targets 73342-72020
Upper resistance: 76184-77581-78600
Lower support: 74835-73342-72020
$ETH
2125 volume break below, chase shorts on the right side with proper stop-loss.
