BTC rose as expected to around 85,200. After running into resistance at 85,200 and pulling back, is the next move going up or down?
Yesterday I posted that BTC would rise to around 85,200. As it turns out, the market action matched my expectations exactly. It reached the target level of 85,200 as scheduled—down to the exact figure—without any difference at all. Our long positions from 83,950 were also closed at 85,100. We captured 1,100 points. You could say that we’ve always been consistent in what we say and what we do: wherever we say we’ll reach, we get there.
So what happens next?
First, I believe this round of decline hasn’t fully played out yet. Based on the current market conditions, it doesn’t seem to have the requirements for a big rally. Why? After BTC bounced off the 82,800 stop-loss level, we didn’t see any particularly strong momentum. If this were simply a pullback continuing higher, it wouldn’t keep going down again and pulling back once more. But what we actually saw was that the support around 82,800 kept stalling and grinding toward 85,000, only to drop sharply right after. The second time it fell to around 83,100, it bounced—but again it stalled and ground toward 85,200 before dropping sharply. This shows that bearish power is very strong, while bullish strength is gradually exhausting.
Also, the support around 83,000 has now been tested twice, and each rebound hasn’t been strong. When support is tested multiple times, it becomes easier to break. That’s why I think the low at 82,800 will eventually be broken. This is not the true starting point for the rebound. My next target to watch is around 82,500.
Yesterday I posted that BTC would rise to around 85,200. As it turns out, the market action matched my expectations exactly. It reached the target level of 85,200 as scheduled—down to the exact figure—without any difference at all. Our long positions from 83,950 were also closed at 85,100. We captured 1,100 points. You could say that we’ve always been consistent in what we say and what we do: wherever we say we’ll reach, we get there.
So what happens next?
First, I believe this round of decline hasn’t fully played out yet. Based on the current market conditions, it doesn’t seem to have the requirements for a big rally. Why? After BTC bounced off the 82,800 stop-loss level, we didn’t see any particularly strong momentum. If this were simply a pullback continuing higher, it wouldn’t keep going down again and pulling back once more. But what we actually saw was that the support around 82,800 kept stalling and grinding toward 85,000, only to drop sharply right after. The second time it fell to around 83,100, it bounced—but again it stalled and ground toward 85,200 before dropping sharply. This shows that bearish power is very strong, while bullish strength is gradually exhausting.
Also, the support around 83,000 has now been tested twice, and each rebound hasn’t been strong. When support is tested multiple times, it becomes easier to break. That’s why I think the low at 82,800 will eventually be broken. This is not the true starting point for the rebound. My next target to watch is around 82,500.
