Alright chief 👏
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CRYPTO MECHANIC
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I flipped bearish on $BTC around $91k when we discussed that fake-out above $95k. Since then, I’ve been continuously sharing my thoughts on Bitcoin.
When Bitcoin dropped below $85k, I said that acceptance below this zone wouldn’t be good for the bulls.
Bitcoin is down over 20% since then.
Price is now approaching a key high-timeframe zone. The reason price is failing to bounce is that this move down is being driven by spot selling, not perp liquidations.
A slow bleed to the downside usually ends with a cascade of liquidations, and that’s when price tends to give a strong relief bounce.
That being said, this is a good zone on the chart.
When Bitcoin dropped below $85k, I said that acceptance below this zone wouldn’t be good for the bulls.
Bitcoin is down over 20% since then.
Price is now approaching a key high-timeframe zone. The reason price is failing to bounce is that this move down is being driven by spot selling, not perp liquidations.
A slow bleed to the downside usually ends with a cascade of liquidations, and that’s when price tends to give a strong relief bounce.
That being said, this is a good zone on the chart.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.