Attention!!! The bearish downtrend continues—be careful of a massive sell-off!!! The downside target is directly around 68,000–70,000!!!
About ten days ago, I posted multiple times to remind everyone that BTC might break below the low of 75,600. Whether it was posts, the chat room, or the livestream, I mentioned that low of 75,600 more than ten times. Back then, some people in the comments doubted me and said that 75,600 hadn’t been reached yet, and many others were still bullish and talking about 83,000. The final result is that BTC did, as expected, break below 75,600—exactly as I said. We also stayed consistent in our words and actions; the community’s short positions also got filled at 75,600, taking a perfect gain of 3,200 points.
So how will the market likely move next? First of all, I believe the downtrend has already formed. In the short term, it’s not very likely to continue breaking to new highs above 82,800. Yesterday’s drop broke 75,600 on increased volume, and at the daily level the candles closed near 75,600—without a strong close back up. That level feels a bit weak.
Therefore, I think BTC has likely topped in the short term and will keep falling and pulling back, with downside targets around 68,000–70,000. However, at the current level, I don’t recommend chasing shorts. Since it has already dropped so much, jumping in now can easily get you caught by a rebound. For shorting, I will wait until after the rebound.
So where should we expect the rebound to go? My top priority level is around 78,000. At 78,000, many people will likely start chasing shorts, and it’s also the gap left by the 4-hour down move. If the rebound can reach there, it can shake out those shorters—when the vehicle is light, the drop can happen more quickly. So if the rebound toward 78,000 meets resistance, I believe you can open a short. For the medium-to-long-term targets, I’m looking at the 68,000–70,000 area.
About ten days ago, I posted multiple times to remind everyone that BTC might break below the low of 75,600. Whether it was posts, the chat room, or the livestream, I mentioned that low of 75,600 more than ten times. Back then, some people in the comments doubted me and said that 75,600 hadn’t been reached yet, and many others were still bullish and talking about 83,000. The final result is that BTC did, as expected, break below 75,600—exactly as I said. We also stayed consistent in our words and actions; the community’s short positions also got filled at 75,600, taking a perfect gain of 3,200 points.
So how will the market likely move next? First of all, I believe the downtrend has already formed. In the short term, it’s not very likely to continue breaking to new highs above 82,800. Yesterday’s drop broke 75,600 on increased volume, and at the daily level the candles closed near 75,600—without a strong close back up. That level feels a bit weak.
Therefore, I think BTC has likely topped in the short term and will keep falling and pulling back, with downside targets around 68,000–70,000. However, at the current level, I don’t recommend chasing shorts. Since it has already dropped so much, jumping in now can easily get you caught by a rebound. For shorting, I will wait until after the rebound.
So where should we expect the rebound to go? My top priority level is around 78,000. At 78,000, many people will likely start chasing shorts, and it’s also the gap left by the 4-hour down move. If the rebound can reach there, it can shake out those shorters—when the vehicle is light, the drop can happen more quickly. So if the rebound toward 78,000 meets resistance, I believe you can open a short. For the medium-to-long-term targets, I’m looking at the 68,000–70,000 area.
