$BTC broke below key support at $76,200!
The sharp drop briefly hit $75,200.
What used to be support is now blocking the rebound!
Short positions also piled up during this downturn.
If bulls want to fight back, they first need to reclaim this resistance!
Looking at this one-hour BTC chart, after the sharp drop, the price rebounded to around $76,046 but remains below the previous month's low, which is precisely around $76,275 on the chart. Below, $75,200 is the previous day's low, followed by the September low near $74,961. The original analysis, based on open interest, suggests that many shorts entered during the decline. But whether those short positions can be squeezed in the opposite direction remains to be seen; the price needs to strengthen first.
I'll wait for the nonfarm payrolls data to come out, then see which direction the bulls and bears choose. If BTC reclaims $76,200–$76,300 and holds on a retest, it could rebound to $78,000–$78,700 on short covering, followed by a second resistance zone near $80,000. If the price continues to be rejected at the previous month's low, $75,200 and $74,961 could be tested again. Even if the September low is swept first, wait for the price to reclaim it and for lows to start moving higher before considering a rebound opportunity—the arrows on the chart are still only a projected path.
Only if BTC reclaims $76,300 and holds on a retest could short positions provide bulls with fuel for a comeback.
If it first sweeps below the September low and then quickly reclaims it, bulls may have a chance to catch a sentiment-driven recovery!
Click the card below to get started! 👇
$ETH $SKHY
The sharp drop briefly hit $75,200.
What used to be support is now blocking the rebound!
Short positions also piled up during this downturn.
If bulls want to fight back, they first need to reclaim this resistance!
Looking at this one-hour BTC chart, after the sharp drop, the price rebounded to around $76,046 but remains below the previous month's low, which is precisely around $76,275 on the chart. Below, $75,200 is the previous day's low, followed by the September low near $74,961. The original analysis, based on open interest, suggests that many shorts entered during the decline. But whether those short positions can be squeezed in the opposite direction remains to be seen; the price needs to strengthen first.
I'll wait for the nonfarm payrolls data to come out, then see which direction the bulls and bears choose. If BTC reclaims $76,200–$76,300 and holds on a retest, it could rebound to $78,000–$78,700 on short covering, followed by a second resistance zone near $80,000. If the price continues to be rejected at the previous month's low, $75,200 and $74,961 could be tested again. Even if the September low is swept first, wait for the price to reclaim it and for lows to start moving higher before considering a rebound opportunity—the arrows on the chart are still only a projected path.
Only if BTC reclaims $76,300 and holds on a retest could short positions provide bulls with fuel for a comeback.
If it first sweeps below the September low and then quickly reclaims it, bulls may have a chance to catch a sentiment-driven recovery!
Click the card below to get started! 👇
$ETH $SKHY
