An hour ago, I said that if the pullback held above 80k, it could be a good entry. That pullback is here now—Bitcoin just slid to 79,980, right on the line.
At 11 p.m. last night, a big bullish candle pushed above 80k. For the next five hours, price bounced around between 80k and 80.7k without making a new high. Over the past hour, it’s been edging down, and now it’s back to test 80k.
This test is crucial. Last night’s rally was mainly driven by liquidated shorts, with spot buying not contributing much. The biggest risk with that kind of surge is that the pullback won’t find support. If 80k holds, it means there’s genuine buying underneath, not just a short squeeze. If it doesn’t, last night’s candle was a false high driven by short covering.
Senior Brother is still leaning bullish, but this move will be the test. If price holds around 80k and bounces, you could consider getting in, with 81.7k—the level before the theft—as the first target. If it drops below 78.2k, where last night’s rally began, then this whole push was for nothing. Best to stay out for now. #BTC $BTC
At 11 p.m. last night, a big bullish candle pushed above 80k. For the next five hours, price bounced around between 80k and 80.7k without making a new high. Over the past hour, it’s been edging down, and now it’s back to test 80k.
This test is crucial. Last night’s rally was mainly driven by liquidated shorts, with spot buying not contributing much. The biggest risk with that kind of surge is that the pullback won’t find support. If 80k holds, it means there’s genuine buying underneath, not just a short squeeze. If it doesn’t, last night’s candle was a false high driven by short covering.
Senior Brother is still leaning bullish, but this move will be the test. If price holds around 80k and bounces, you could consider getting in, with 81.7k—the level before the theft—as the first target. If it drops below 78.2k, where last night’s rally began, then this whole push was for nothing. Best to stay out for now. #BTC $BTC
