Guys, Bitcoin has lost 70k. It's at 68.9k now.
It broke below 70k at 11:10. In less than an hour, it plunged $1,400, hitting a low of 68.8k. Almost all the liquidations were long positions.
In my post at 1 a.m., I said the outlook was bearish, and if 71.3k broke, we could see 70k. I've been bearish since 73.4k yesterday afternoon, and things have played out just as expected.
There's nothing below 70k. From June to August this year, Bitcoin spent over two months ranging between 60k and 65k. It took a big green candle on August 20 to push it higher. This drop has erased that entire candle.
The outlook is still bearish. 70k has turned from support into resistance. If the price bounces but can't hold above it, the next level to watch is 65k, the top of that summer range.
U.S. PPI comes out at 9:30 tonight. If it comes in higher than expected, 65k could arrive sooner. I'll update you guys as soon as the data comes out. #BTC $BTC
It broke below 70k at 11:10. In less than an hour, it plunged $1,400, hitting a low of 68.8k. Almost all the liquidations were long positions.
In my post at 1 a.m., I said the outlook was bearish, and if 71.3k broke, we could see 70k. I've been bearish since 73.4k yesterday afternoon, and things have played out just as expected.
There's nothing below 70k. From June to August this year, Bitcoin spent over two months ranging between 60k and 65k. It took a big green candle on August 20 to push it higher. This drop has erased that entire candle.
The outlook is still bearish. 70k has turned from support into resistance. If the price bounces but can't hold above it, the next level to watch is 65k, the top of that summer range.
U.S. PPI comes out at 9:30 tonight. If it comes in higher than expected, 65k could arrive sooner. I'll update you guys as soon as the data comes out. #BTC $BTC
