Guys watch this!!!!
#Bitcoin has now reclaimed $79,500 after briefly breaking below $76,400 earlier this week.
That is a constructive response from buyers. $BTC
swept the major support area, rejected lower prices, and has since recovered back above the first key level I was watching.
But I still think it is too early to call this a confirmed trend reversal.
$79,500 now needs to hold as support. If it does, the next major test is $83,500, which has rejected Bitcoin several times throughout this move lower.
A convincing 4H close above $83,500 would be the first real sign that the wider structure is improving. Above there, $87,000 remains the major resistance.
If BTC loses $79,500 again, I would expect $76,400 to come back into focus very quickly.
For now, the recovery is intact, but bulls still have levels to reclaim before they can claim control.
#Bitcoin has now reclaimed $79,500 after briefly breaking below $76,400 earlier this week.
That is a constructive response from buyers. $BTC
swept the major support area, rejected lower prices, and has since recovered back above the first key level I was watching.
But I still think it is too early to call this a confirmed trend reversal.
$79,500 now needs to hold as support. If it does, the next major test is $83,500, which has rejected Bitcoin several times throughout this move lower.
A convincing 4H close above $83,500 would be the first real sign that the wider structure is improving. Above there, $87,000 remains the major resistance.
If BTC loses $79,500 again, I would expect $76,400 to come back into focus very quickly.
For now, the recovery is intact, but bulls still have levels to reclaim before they can claim control.
