$BTC
Bulls need a weekly close above $82,800 at the very least to avoid a weekly fakeout.
Closing above it would give us some psychological relief that the breakout wasn’t a fakeout. Otherwise, it wouldn’t change much structurally.
We’re looking at two scenarios here: a fakeout and a structural breakdown. Both are technically important.
BTC respects higher-timeframe fakeouts. I’ve said this countless times.
Even within this price action, BTC has had multiple weekly fakeouts. Just look at what price did afterward.
Bulls need a weekly close above $82,800 at the very least to avoid a weekly fakeout.
Closing above it would give us some psychological relief that the breakout wasn’t a fakeout. Otherwise, it wouldn’t change much structurally.
We’re looking at two scenarios here: a fakeout and a structural breakdown. Both are technically important.
BTC respects higher-timeframe fakeouts. I’ve said this countless times.
Even within this price action, BTC has had multiple weekly fakeouts. Just look at what price did afterward.