$BTC just fell through my support zone, and I’m still not looking to buy.
Bitcoin is trading around 72,000 now.
In my last few posts, I kept saying the same thing: I expect selling. First from the 81,000 to 82,000 area, and then lower.
Price has done exactly that, and it is now below the 74,600 to 75,500 support zone.
What I’m watching now
Today’s daily candle matters. If it closes below the wicks of previous days' candles, I expect $BTC to keep moving down toward 67,500 to 68,000.
That’s the Bounce Back zone. It’s the next area where I’d expect buyers to show up.
What about longs?
If you plan to long $BTC , that’s fine. But do it with a plan.
Look at the market from one direction
Wait for the level you decided on, not the one that feels right today
Don’t buy just because price looks cheap
If you want to long, the 67,500 to 68,000 zone is the area to wait for. Price may get a decent bounce there.
The overall news isn’t good, and the market doesn’t look healthy. More bad headlines could still come in the next few days. So my bias is still on the sell side.
This is my own view. You can disagree, and that’s fine. Just don’t trade these levels blindly. Make your own plan.
Bitcoin is trading around 72,000 now.
In my last few posts, I kept saying the same thing: I expect selling. First from the 81,000 to 82,000 area, and then lower.
Price has done exactly that, and it is now below the 74,600 to 75,500 support zone.
What I’m watching now
Today’s daily candle matters. If it closes below the wicks of previous days' candles, I expect $BTC to keep moving down toward 67,500 to 68,000.
That’s the Bounce Back zone. It’s the next area where I’d expect buyers to show up.
What about longs?
If you plan to long $BTC , that’s fine. But do it with a plan.
Look at the market from one direction
Wait for the level you decided on, not the one that feels right today
Don’t buy just because price looks cheap
If you want to long, the 67,500 to 68,000 zone is the area to wait for. Price may get a decent bounce there.
The overall news isn’t good, and the market doesn’t look healthy. More bad headlines could still come in the next few days. So my bias is still on the sell side.
This is my own view. You can disagree, and that’s fine. Just don’t trade these levels blindly. Make your own plan.
