Making a call: $BTC will retest 67,000 within three days. I don't believe this move is a trend reversal.
The current price is 65,494.0, down 2.58% over the past 24 hours. It plunged from 67,365.3 to 62,006.0. The wick at the low really stands out: price dipped to 62,006, didn't stay there, and was immediately bought back up. That's real buying support stepping in. Volume is 2.7B, and it didn't expand as the price fell. This is a shakeout, not distribution; selling pressure is weakening.
The logic is straightforward: it's true that price couldn't hold above the high of 67,365.3, but the wick at 62,006.0 is clear support. As long as it doesn't keep dropping on rising volume below 65,494 when the US session opens tonight, this move is a bear trap. If $BTC holds 63,500, I'll bet it retests 67,000 within three days. Near 66,500, I'll take half off the position, then see whether the rest can get above 67,365.3.
What would prove me wrong? If the price breaks below 62,006.0 and closes below it, I'll admit defeat and stop out. That would mean the wick was bait to lure people into long positions, not buying support. $ETH is moving in tandem in the same direction and can serve as a secondary confirmation.
The call is out there. Let's see what happens tonight 🎯
The current price is 65,494.0, down 2.58% over the past 24 hours. It plunged from 67,365.3 to 62,006.0. The wick at the low really stands out: price dipped to 62,006, didn't stay there, and was immediately bought back up. That's real buying support stepping in. Volume is 2.7B, and it didn't expand as the price fell. This is a shakeout, not distribution; selling pressure is weakening.
The logic is straightforward: it's true that price couldn't hold above the high of 67,365.3, but the wick at 62,006.0 is clear support. As long as it doesn't keep dropping on rising volume below 65,494 when the US session opens tonight, this move is a bear trap. If $BTC holds 63,500, I'll bet it retests 67,000 within three days. Near 66,500, I'll take half off the position, then see whether the rest can get above 67,365.3.
What would prove me wrong? If the price breaks below 62,006.0 and closes below it, I'll admit defeat and stop out. That would mean the wick was bait to lure people into long positions, not buying support. $ETH is moving in tandem in the same direction and can serve as a secondary confirmation.
The call is out there. Let's see what happens tonight 🎯