$BTC: That 80K wick was someone “fishing” for liquidity
That long lower wick on October 8 was pretty interesting. The price slid all the way to 80,315, probably sweeping up most retail stop-loss orders, and then—whoosh, it bounced right back. Wicks like that are rarely a coincidence. It looks more like someone had placed a large order just below the round-number 80K level and scooped up panicked selling as liquidity.
But don’t rush to call it a reversal. The bounce has brought us to 82.5K today, which looks steady, but the real test is at 83.4–83.5K: yesterday’s opening price and today’s high are both right there. If the bulls have real strength, they’ll need to reclaim that level. If they can’t, the October 8 wick was just short covering, and price may well head down to test the lows again.
My take: 83.5K is the short-term dividing line. Get above it, and the next target is the previous consolidation zone around 85.5K. Fail to break through, and we could keep grinding around 80K. Chasing longs here doesn’t offer great risk-reward. When direction is unclear, keeping your hands off the keyboard is the best move.
⚠️ Personal opinion only; not investment advice.
That long lower wick on October 8 was pretty interesting. The price slid all the way to 80,315, probably sweeping up most retail stop-loss orders, and then—whoosh, it bounced right back. Wicks like that are rarely a coincidence. It looks more like someone had placed a large order just below the round-number 80K level and scooped up panicked selling as liquidity.
But don’t rush to call it a reversal. The bounce has brought us to 82.5K today, which looks steady, but the real test is at 83.4–83.5K: yesterday’s opening price and today’s high are both right there. If the bulls have real strength, they’ll need to reclaim that level. If they can’t, the October 8 wick was just short covering, and price may well head down to test the lows again.
My take: 83.5K is the short-term dividing line. Get above it, and the next target is the previous consolidation zone around 85.5K. Fail to break through, and we could keep grinding around 80K. Chasing longs here doesn’t offer great risk-reward. When direction is unclear, keeping your hands off the keyboard is the best move.
⚠️ Personal opinion only; not investment advice.