Yesterday, Bitcoin's overall structure was weak, and it kept sliding toward 80.4K. It looked strong, but in reality it didn't trigger much of a price move, leaving me, a bull, on the sidelines for the day. In the evening, I called a long near 82K, which duly netted 600 points before I exited. It was like snatching meat from a tiger's mouth, but thankfully, it all worked out without a hitch.
After dipping, BTC has now rebounded to 82K and is consolidating as it recovers. On the short-term chart, it is trading below the Bollinger middle band. Bearish momentum is fading, but the bulls have yet to establish a strong structure. With buyers and sellers locked in a fierce short-term battle, price is likely to continue ranging. If a pullback to 80.8K–81.3K holds, or if price quickly reclaims that area after dipping below it, a long entry may be considered.
Watch the 82.5K–83K area as a key dividing line. If price reclaims it, the short-term trend may turn stronger.
After dipping, BTC has now rebounded to 82K and is consolidating as it recovers. On the short-term chart, it is trading below the Bollinger middle band. Bearish momentum is fading, but the bulls have yet to establish a strong structure. With buyers and sellers locked in a fierce short-term battle, price is likely to continue ranging. If a pullback to 80.8K–81.3K holds, or if price quickly reclaims that area after dipping below it, a long entry may be considered.
Watch the 82.5K–83K area as a key dividing line. If price reclaims it, the short-term trend may turn stronger.