$BTC Alert!!
In my last post, I was talking about a potential fake breakdown. I said,
"Potential Fake-Out: If the market rejects the $66,820 resistance, a fake breakout to around $60,500 is possible, followed by a rise to the reversal point."
Let’s see what’s next.
* A look at the last 14 days chart shows that the market started pushing itself from $57,844, which then crossed $65,120. According to the bull trend, the market was supposed to cross the $66,820 resistance. But that’s not how the market works.
* $66,820 resistance is an important level because Bitcoin reached its highest price point 190 days ago. Since then, it has been breaking support levels while struggling to break resistance levels, indicating a weakening market.
* Breaking the $65,120 resistance shows signs of ending the current trend. It will be the end of the trend when the market hits the $66,820 resistance. Then breaking $66,820 could lead to the next support level and potentially the reversal point.
* However, the market will not cross such an important level at once; instead, it will fake break out once, trap trader’s, gain volume, and then cross.
Q: Now what?
A: As I said, the market can go around $60,500, but only when the market crosses $62,740 and $62,330. Although the market can fill up the last 14-day gap, the probability is low. The market fills half the gap and will push itself up to the reversal point with volume. ( only when it cross $66,820 )
Q: Where is the reversal point?
A: The market may reverse at the last high of $73,710, but this is unlikely. Technical analysis suggests $90,000 as the main reversal point.
Action Plan:
1. Watch Key Levels: $66,820, $62,740, $62,330
2. Set Alerts: For these levels
3. Volume: Watch for spikes at $66,820
4. Gap Analysis: Monitor 14-day gap
5. Reversal Points: $73,710 (short-term), $90,000 (main)
Special Tips
Protect Capital: Focus on major swings.
Research & Stay Calm: Do your own research.
Stay Updated: Follow market movements.
Disclaimer: Not financial advice; confirm trends before trading.
