$BTC 【Whether Bitcoin’s breakdown is false depends on whether it can reclaim 83,000】
Bitcoin is trading around 82,500.
Yesterday, I thought BTC might make a false break below support around 81,800–82,000. I really didn’t expect it to drop so sharply, to near 80,000. It has now bounced back and is close to our entry price.
Chart: You can see that price has decisively broken below both the lower boundary of the parallel channel and the rising trendline. So the key question now is whether it can reclaim 83,000. If it does, that would suggest this was a false breakdown and that the price could continue moving higher, with the bullish trend still intact. Otherwise, we’ll need to watch support around 79,000.
So, in terms of trading, if it can stay above 83,000 tonight, we’ll continue holding. If it falls back below 81,600, we’ll take a small stop-loss and wait on the sidelines.
$ETH $STRK
Bitcoin is trading around 82,500.
Yesterday, I thought BTC might make a false break below support around 81,800–82,000. I really didn’t expect it to drop so sharply, to near 80,000. It has now bounced back and is close to our entry price.
Chart: You can see that price has decisively broken below both the lower boundary of the parallel channel and the rising trendline. So the key question now is whether it can reclaim 83,000. If it does, that would suggest this was a false breakdown and that the price could continue moving higher, with the bullish trend still intact. Otherwise, we’ll need to watch support around 79,000.
So, in terms of trading, if it can stay above 83,000 tonight, we’ll continue holding. If it falls back below 81,600, we’ll take a small stop-loss and wait on the sidelines.
$ETH $STRK