I remain bearish on Bitcoin. Whether it accelerates downward next depends on whether key levels can be broken on high volume.
After the 3-day chart broke below 76,000, it continued falling in bearish, high-volume candles. I remain bearish on this timeframe and think we should watch for an accelerated decline.
Yesterday, the 9-hour chart made a low-volume rebound to around 74,500, where the high-volume bearish move began, before falling again. Overall, the trend remains choppy and downward. Next, watch to see whether it can break below 73,000 on high volume.
The 1-hour chart is currently ranging between 72,800 and 74,500. It previously made a wick down to 72,800, but there was no particularly strong demand. The rebound to 74,500 met resistance and pulled back. If it tests 72,800 again and demand emerges, there is a fairly high probability it will retest 74,500 or even move higher. If it breaks below 72,800 directly on high volume, the accelerated decline will begin. I lean toward a direct break below and an accelerated decline.
As for crypto stocks, after MSTR broke below 125, the bottom of its August–September range, there was no strong daily demand. The daily chart still looks choppy and downward.
Once COIN broke below the key support at 139, it effectively entered a bear market cycle. Since the breakdown, the daily chart has shown no strong demand or recovery above 139, so for now, this looks like a confirmed break below support.
CRCL’s daily chart remains in a choppy downtrend. The next level to watch below is around 55.
#BTC
X: print_kbar
After the 3-day chart broke below 76,000, it continued falling in bearish, high-volume candles. I remain bearish on this timeframe and think we should watch for an accelerated decline.
Yesterday, the 9-hour chart made a low-volume rebound to around 74,500, where the high-volume bearish move began, before falling again. Overall, the trend remains choppy and downward. Next, watch to see whether it can break below 73,000 on high volume.
The 1-hour chart is currently ranging between 72,800 and 74,500. It previously made a wick down to 72,800, but there was no particularly strong demand. The rebound to 74,500 met resistance and pulled back. If it tests 72,800 again and demand emerges, there is a fairly high probability it will retest 74,500 or even move higher. If it breaks below 72,800 directly on high volume, the accelerated decline will begin. I lean toward a direct break below and an accelerated decline.
As for crypto stocks, after MSTR broke below 125, the bottom of its August–September range, there was no strong daily demand. The daily chart still looks choppy and downward.
Once COIN broke below the key support at 139, it effectively entered a bear market cycle. Since the breakdown, the daily chart has shown no strong demand or recovery above 139, so for now, this looks like a confirmed break below support.
CRCL’s daily chart remains in a choppy downtrend. The next level to watch below is around 55.
#BTC
X: print_kbar
