๐ฏ Bitcoin Tagged the $80K Zone Overnight. Buyers Answered
The target got hit, and the bounce came right on cue.
BTC dropped into the $80K to $81.3K demand zone overnight, wicked to about $80,340, and has since climbed back to $81,740. ๐
For the record, yesterday we said a rejection at the $82.5K floor would send price into this zone. That's exactly what happened. The retest of the old box failed, and price sank straight into the base that launched September's run.
The bounce looks real so far. The dip got bought on heavy volume, and the candle closed well off its low. Demand clearly lives here.
But the bigger picture still leans bearish until proven otherwise.
The old box floor at $82.4K to $82.5K is now overhead resistance.
The May high at $82.8K, the weekly line we flagged as the bull-case anchor, sits above price too. A weekly close back above it by Sunday matters.
And the lower highs from $87.4K are still intact.
The levels.
Reclaim $82.5K and close back inside the box, and the breakdown turns into a trap.
Get rejected there, and a second test of $80.3K becomes likely.
Lose $80K, and the $75K to $76.5K September base comes into view.
Bounces off demand are where hope comes back. Let the $82.5K test decide whether it's warranted.
Back into the box, or a second test of $80K? ๐ฅ
Not financial advice.
$BTC
$ETH
$BNB
The target got hit, and the bounce came right on cue.
BTC dropped into the $80K to $81.3K demand zone overnight, wicked to about $80,340, and has since climbed back to $81,740. ๐
For the record, yesterday we said a rejection at the $82.5K floor would send price into this zone. That's exactly what happened. The retest of the old box failed, and price sank straight into the base that launched September's run.
The bounce looks real so far. The dip got bought on heavy volume, and the candle closed well off its low. Demand clearly lives here.
But the bigger picture still leans bearish until proven otherwise.
The old box floor at $82.4K to $82.5K is now overhead resistance.
The May high at $82.8K, the weekly line we flagged as the bull-case anchor, sits above price too. A weekly close back above it by Sunday matters.
And the lower highs from $87.4K are still intact.
The levels.
Reclaim $82.5K and close back inside the box, and the breakdown turns into a trap.
Get rejected there, and a second test of $80.3K becomes likely.
Lose $80K, and the $75K to $76.5K September base comes into view.
Bounces off demand are where hope comes back. Let the $82.5K test decide whether it's warranted.
Back into the box, or a second test of $80K? ๐ฅ
Not financial advice.
$BTC
$ETH
$BNB