BTC 1H timeframe is showing a classic bear trap and recovery pattern.
What Happened on H1?
On Oct 24-25, $BTC saw extreme volatility:
• Price dumped from $82K+ to $79,162.65 with a massive long wick - This was liquidation of late longs. • Immediate V-recovery to $80,800 - Strong buying pressure at $79.4K-$79.6K zone. • Currently trading at $80,505.10, holding above $80K after testing $79,999.
This price action confirms $79,162 as a strong local bottom on H1.
Key Levels on H1 Chart:
Support:
• $80,200 - $80,000: Immediate support (today's low $79,999 held) • $79,640 - $79,465: Strong demand zone (wick zone) • $79,162: Major bottom - Break below invalidates bullish view
Resistance:
• $80,800 - $81,200: First hurdle (last H1 high) • $81,800 - $82,200: Next target if $80,800 breaks
H1 Structure:
$BTC is forming higher lows after $79,162 bottom. The consolidation between $80K-$80.8K is healthy. As long as $BTC holds $80K on H1 closing basis, bulls remain in control.
Outlook:
Bullish bias above $80K. A H1 close above $80,800 will open path to $81,800 and $82,200.
Bearish only if H1 closes below $79,800.
What is your view on BTC H1? Are you buying $80K support?