BTC breaks below the $80K level 📉 Deep sell-off
A slow bleed, a slaughter of market bulls—where is the next support?
My friends, Bitcoin tested the $79,200 support again this morning but held above it. After a rebound and some back-and-forth around the $80K level, Bitcoin made another sharp, massive downward wick during U.S. market hours. It looks set to test $79,200 again, and at this point, there’s a high chance this support level will break.
That’s because this support has already been tested more than three times, making a break increasingly likely. It also fits with what I told you about the $80K level: once it breaks, we should see a fairly substantial drop—not just a brief dip below $80K.
That’s also why I haven’t rushed to take profit on my short position. After Bitcoin tested $79,200 for the second time this morning and held, I took profit on only half of my short near $79,200. I’ve held onto the other half because I want to wait and see whether there’ll be a second, more substantial drop. As I’m writing this, Bitcoin has tested this support level once again, and I think there’s a strong chance it will break below $79,200 next.
Where are the support levels below? Where should we look to enter long positions? These are questions a lot of people are interested in.
First support: 78,600–77,500
Second support: 74,800–73,800
I’ve set a take-profit order for the other half of my short position at $69,800. If both support levels break, I’ll lock in $180,000 in profit at $69,800.
If they don’t break, that’s fine too.
Because if the price holds at either of the two support levels above, I’ll try opening a long position.
That way, whether we see a deep drop or a huge rebound, I’ll still make a substantial profit 🤑
A slow bleed, a slaughter of market bulls—where is the next support?
My friends, Bitcoin tested the $79,200 support again this morning but held above it. After a rebound and some back-and-forth around the $80K level, Bitcoin made another sharp, massive downward wick during U.S. market hours. It looks set to test $79,200 again, and at this point, there’s a high chance this support level will break.
That’s because this support has already been tested more than three times, making a break increasingly likely. It also fits with what I told you about the $80K level: once it breaks, we should see a fairly substantial drop—not just a brief dip below $80K.
That’s also why I haven’t rushed to take profit on my short position. After Bitcoin tested $79,200 for the second time this morning and held, I took profit on only half of my short near $79,200. I’ve held onto the other half because I want to wait and see whether there’ll be a second, more substantial drop. As I’m writing this, Bitcoin has tested this support level once again, and I think there’s a strong chance it will break below $79,200 next.
Where are the support levels below? Where should we look to enter long positions? These are questions a lot of people are interested in.
First support: 78,600–77,500
Second support: 74,800–73,800
I’ve set a take-profit order for the other half of my short position at $69,800. If both support levels break, I’ll lock in $180,000 in profit at $69,800.
If they don’t break, that’s fine too.
Because if the price holds at either of the two support levels above, I’ll try opening a long position.
That way, whether we see a deep drop or a huge rebound, I’ll still make a substantial profit 🤑
