$BTC lost the weekly 50 EMA and is now sitting right above the 200 EMA, with the 70-74K zone as the next real test.
The rejection near 87K turned into five red weekly candles in a row, and the last one closed under the 50 EMA around 78.2K.
What I like about the 70-74K zone is that it stacks the 200 EMA near 70K with the area where the big weekly breakout candle started, so buyers have a reason to show up there. I'm not treating it as a guaranteed bounce, though. Momentum is still pointing down, and the 50 EMA is now overhead resistance.
If price holds 70-74K and reclaims 78.2K, the pullback was just a retest and the trend stays intact. If BTC closes a weekly candle below 70K, the 200 EMA is gone as support, and the next area on the chart is the 60K lows.
The rejection near 87K turned into five red weekly candles in a row, and the last one closed under the 50 EMA around 78.2K.
What I like about the 70-74K zone is that it stacks the 200 EMA near 70K with the area where the big weekly breakout candle started, so buyers have a reason to show up there. I'm not treating it as a guaranteed bounce, though. Momentum is still pointing down, and the 50 EMA is now overhead resistance.
If price holds 70-74K and reclaims 78.2K, the pullback was just a retest and the trend stays intact. If BTC closes a weekly candle below 70K, the 200 EMA is gone as support, and the next area on the chart is the 60K lows.
