BTC order book analysis:
Starting on the weekend, $BTC began to pull back. This morning it wicked down to 76947, then rebounded. The short-term low was defended, but overall it’s still consolidating after the selloff from the spike to 81500.
This morning’s wick down also got pulled back, indicating there are still bids around 76947 for the time being. However, since falling from the high of 81500 to now, the bearish side hasn’t fully exited. The area around 77800 is sideways consolidation after the rebound, with only moderate strength.
Next, watch two points:
1) Only if price holds above 77800 and breaks upward through 79000 can we say the selloff has bottomed out and the rebound is starting to show some real meaning.
2) If it breaks below 76947 again, the short-term move will likely continue lower, and support around 76000 will be especially important.
At the moment it’s just chop and digestion following the spike-and-reversal. Direction hasn’t opened up yet—so first, we’ll see whether 76947 can be held.
Starting on the weekend, $BTC began to pull back. This morning it wicked down to 76947, then rebounded. The short-term low was defended, but overall it’s still consolidating after the selloff from the spike to 81500.
This morning’s wick down also got pulled back, indicating there are still bids around 76947 for the time being. However, since falling from the high of 81500 to now, the bearish side hasn’t fully exited. The area around 77800 is sideways consolidation after the rebound, with only moderate strength.
Next, watch two points:
1) Only if price holds above 77800 and breaks upward through 79000 can we say the selloff has bottomed out and the rebound is starting to show some real meaning.
2) If it breaks below 76947 again, the short-term move will likely continue lower, and support around 76000 will be especially important.
At the moment it’s just chop and digestion following the spike-and-reversal. Direction hasn’t opened up yet—so first, we’ll see whether 76947 can be held.
