$BTC 62623. Today’s low was 62,000—the lowest level since July 13.
The real resistance overhead is 65,040. It was decisively broken on the night of November 14, and it’s now 3.9% above the current price. Reclaiming it is what would count as stemming the bleeding.
BTC came close to this level on February 5 this year, too. The low was 62,233. Trading volume that day was 45.383 billion, the largest daily candle in the past 500 days.
The next day, it first plunged to 59,800, then closed at 70,544—a 12.2% gain in one day. The hole it dug was even deeper than today’s.
Yesterday’s full-day volume was 18.776 billion, just 40% of that day’s. The panic is real. The volume just hasn’t followed through.
$SOL took an even harder hit, down 12.27% over 24 hours and now at 67.90.
Holding above 65,040 would count as stemming the bleeding. If it falls below 62,000, the next level to watch is 59,800—the bottom of the hole it carved out on February 6.
If 62,000 holds, wait for confirmation. Don’t force a chase on the first rebound candle. Trying to catch a rebound during a sharp drop is an easy way to get caught halfway down. Wait for the second low to hold before making a move.
Have you placed your buy order at 62,000?
Source: https://fapi.binance.com/fapi/v1/klines?symbol=BTCUSDT&interval=4h
The real resistance overhead is 65,040. It was decisively broken on the night of November 14, and it’s now 3.9% above the current price. Reclaiming it is what would count as stemming the bleeding.
BTC came close to this level on February 5 this year, too. The low was 62,233. Trading volume that day was 45.383 billion, the largest daily candle in the past 500 days.
The next day, it first plunged to 59,800, then closed at 70,544—a 12.2% gain in one day. The hole it dug was even deeper than today’s.
Yesterday’s full-day volume was 18.776 billion, just 40% of that day’s. The panic is real. The volume just hasn’t followed through.
$SOL took an even harder hit, down 12.27% over 24 hours and now at 67.90.
Holding above 65,040 would count as stemming the bleeding. If it falls below 62,000, the next level to watch is 59,800—the bottom of the hole it carved out on February 6.
If 62,000 holds, wait for confirmation. Don’t force a chase on the first rebound candle. Trying to catch a rebound during a sharp drop is an easy way to get caught halfway down. Wait for the second low to hold before making a move.
Have you placed your buy order at 62,000?
Source: https://fapi.binance.com/fapi/v1/klines?symbol=BTCUSDT&interval=4h
