📊UPDATE $BTC 9/5
Looking at BTC overall, the price is nearing the overbought region of the trading channel and has started showing signs of rejection. Notably, the recent upswing occurred with relatively low volume, indicating that the momentum isn't strong enough to instill confidence in a sustainable upward trend.
It feels like the market is trying to push the price higher to restore faith among the crowd, especially since the Fear & Greed Index is still hovering around a low of 37 points (cryptorank) — meaning most of the market remains quite skeptical and cautious. There's a high chance that the market will continue this upward wave to create some FOMO among the crowd before a potential market shakeout.
Key price levels to watch right now:
78K is the level with current upward momentum; if the market wants to maintain this swing upwards, it must not touch this level.
75K is the confirmation point; if it breaks, the market will go short at 78K where previous upward momentum was found. That's the rule.
Currently, the price is stuck between two ranges, 79K-80K5; this is the closest range reflecting the current market momentum.
📌 Trading scenarios:
• Long at 79K5, Target 80K5
• Short at 82K, Target 73K
Looking at BTC overall, the price is nearing the overbought region of the trading channel and has started showing signs of rejection. Notably, the recent upswing occurred with relatively low volume, indicating that the momentum isn't strong enough to instill confidence in a sustainable upward trend.
It feels like the market is trying to push the price higher to restore faith among the crowd, especially since the Fear & Greed Index is still hovering around a low of 37 points (cryptorank) — meaning most of the market remains quite skeptical and cautious. There's a high chance that the market will continue this upward wave to create some FOMO among the crowd before a potential market shakeout.
Key price levels to watch right now:
78K is the level with current upward momentum; if the market wants to maintain this swing upwards, it must not touch this level.
75K is the confirmation point; if it breaks, the market will go short at 78K where previous upward momentum was found. That's the rule.
Currently, the price is stuck between two ranges, 79K-80K5; this is the closest range reflecting the current market momentum.
📌 Trading scenarios:
• Long at 79K5, Target 80K5
• Short at 82K, Target 73K
