BTC as expected dropped to 82,500, and then bounced back from 82,500 to around 84,000. Next—will it rise or fall?
Last Saturday, I specifically posted to remind everyone that BTC would break below 82,800 and drop toward the 82,500 area, so everyone should watch 82,500. The result was perfect: BTC actually broke below 82,800 and just touched the 82,500 I mentioned, then started to rebound. In the end, it rebounded to 84,300. It’s exactly the same as what I said in my live stream yesterday. In yesterday’s live stream, I said there would be a rebound around 82,500, and I told everyone not to chase short positions at the support level. The rebound should be around 84,000. If anyone wanted to short, they could also watch around 84,000. The outcome matched what I said in the live stream perfectly—nothing off at all.
We closed our short positions around 82,900 yesterday, then went long to around 84,000. Later that evening, we placed a short order around 84,000. That short position hasn’t been closed yet. So you could say the entire short-term swing has been within my expectations. If you look at my posts and what I say in the live stream, you’ll know whether my call is accurate.
So what happens next?
As I told everyone yesterday, I believe the downtrend hasn’t ended. 82,500 is probably not the endpoint of this round of decline—it might just be the starting point. It’s very possible that a wave 2 pullback will begin here. If wave 2 pullback does start, then the depth of the drop could at least head toward breaking 87, then 77. Of course, for the short term, we won’t look that far yet—we’ll first watch for a break below 82,200. If it doesn’t reclaim it, then we may need to go look at the 80,000 to 81,500 range first.
Whether this is a wave 2 pullback or not, we need to pay attention to whether it can smoothly drop into the consolidation range of 75,000 to 82,200. If it falls back into that range, then it’s very possible that a wave 2 pullback will be underway. From the daily chart timeframe, yesterday was another volume-expansion down move, and the downside momentum is still ongoing.
So, I think it will break below 82,200, and most likely come to the 80,000 to 81,500 area. Whether it can then successfully break below 80,000—we’ll analyze step by step from there.
Last Saturday, I specifically posted to remind everyone that BTC would break below 82,800 and drop toward the 82,500 area, so everyone should watch 82,500. The result was perfect: BTC actually broke below 82,800 and just touched the 82,500 I mentioned, then started to rebound. In the end, it rebounded to 84,300. It’s exactly the same as what I said in my live stream yesterday. In yesterday’s live stream, I said there would be a rebound around 82,500, and I told everyone not to chase short positions at the support level. The rebound should be around 84,000. If anyone wanted to short, they could also watch around 84,000. The outcome matched what I said in the live stream perfectly—nothing off at all.
We closed our short positions around 82,900 yesterday, then went long to around 84,000. Later that evening, we placed a short order around 84,000. That short position hasn’t been closed yet. So you could say the entire short-term swing has been within my expectations. If you look at my posts and what I say in the live stream, you’ll know whether my call is accurate.
So what happens next?
As I told everyone yesterday, I believe the downtrend hasn’t ended. 82,500 is probably not the endpoint of this round of decline—it might just be the starting point. It’s very possible that a wave 2 pullback will begin here. If wave 2 pullback does start, then the depth of the drop could at least head toward breaking 87, then 77. Of course, for the short term, we won’t look that far yet—we’ll first watch for a break below 82,200. If it doesn’t reclaim it, then we may need to go look at the 80,000 to 81,500 range first.
Whether this is a wave 2 pullback or not, we need to pay attention to whether it can smoothly drop into the consolidation range of 75,000 to 82,200. If it falls back into that range, then it’s very possible that a wave 2 pullback will be underway. From the daily chart timeframe, yesterday was another volume-expansion down move, and the downside momentum is still ongoing.
So, I think it will break below 82,200, and most likely come to the 80,000 to 81,500 area. Whether it can then successfully break below 80,000—we’ll analyze step by step from there.
