$BTC โ Why this morningโs move mattered ๐
Earlier today, I mentioned that the #MarketMakers team is trying to break support at $110K BTC rather than just testing the bottom.
Usually, during bottom-testing phases, we see sharp declines followed by wicks closing above
#SupportLevels on smaller timeframes โ confirming a successful bottom test. Otherwise, a close below that support confirms a
#Breakdown For the current frame around 111Kโ110K
$BTC , the blue line marks the short-term uptrend bottom. If this level breaks,
#bitcoin could plunge deeper. Thatโs why the 110K zone is so critical โ many traders are FOMO-buying into this uptrend base.
Last night around 3 AM, I watched strong selling pressure hit at 111.5K, pushing down hard. Yet, there was solid absorption at 110.2K. If this is truly a bottom test, price should bounce strongly back toward 111.6K rather than close with a weak candle.
Currently, on the 15-min chart,
$BTC is forming an ascending wedge. Price is compressing, building temporary longโshort liquidity, which will likely fuel a breakout or breakdown from the 111Kโ110K range.
This may feel like heavy theory, but understanding these
#cryptotrading patterns and PriceAction setups is essential for catching trend reversals at key
#supportandresistance levels. Traders who master this become far more sensitive to rising and falling momentum.