BTC stopped falling and rebounded around 76,100. Next, is it going to rebound upward, or continue dipping?
Yesterday, I posted to remind everyone that the BTC rebound to 77,700 had already topped out. Don’t chase longs. As it turned out, once it reached 77,700 it started to drop—exactly as I expected. BTC fell from 77,700 down to around 76,100, a drop of 1,600 points. Did everyone catch some of the profit in this move?
So how will it move today?
Today, I’m still sticking to my earlier view. I’ve always believed that BTC would make a trip to 75,600—possibly even break below 75,600. Yesterday it bounced at 76,100, which is only a few hundred points away from 75,600. But I think it hasn’t dropped enough yet. Why have I kept insisting it would fall to 75,600? Because 75,600 is the lowest point of the pullback from my 79,500 target, and it’s also the launch point from 81,300. For people going long, most stop-losses are placed around here. If it comes down enough to break below it and take out those long stop-losses, that’s what I believe is the consistent style of a “big dog”—the operator.
If it breaks below 75,600 and then strongly recovers—for example, it dips down with a wick and then reclaims the level, or a big bullish candle pulls it back—I think that would be a good opportunity to go long. So, as always, the key is to focus on whether 75,600 breaks down.
Yesterday, I posted to remind everyone that the BTC rebound to 77,700 had already topped out. Don’t chase longs. As it turned out, once it reached 77,700 it started to drop—exactly as I expected. BTC fell from 77,700 down to around 76,100, a drop of 1,600 points. Did everyone catch some of the profit in this move?
So how will it move today?
Today, I’m still sticking to my earlier view. I’ve always believed that BTC would make a trip to 75,600—possibly even break below 75,600. Yesterday it bounced at 76,100, which is only a few hundred points away from 75,600. But I think it hasn’t dropped enough yet. Why have I kept insisting it would fall to 75,600? Because 75,600 is the lowest point of the pullback from my 79,500 target, and it’s also the launch point from 81,300. For people going long, most stop-losses are placed around here. If it comes down enough to break below it and take out those long stop-losses, that’s what I believe is the consistent style of a “big dog”—the operator.
If it breaks below 75,600 and then strongly recovers—for example, it dips down with a wick and then reclaims the level, or a big bullish candle pulls it back—I think that would be a good opportunity to go long. So, as always, the key is to focus on whether 75,600 breaks down.
