đ„UPDATE (Oct 09) - Following Yesterday's $1B Liquidation Cascade
đMarket Overview: Bitcoin experienced a sharp sell off after breaking below the key support level at 83k. The daily candle closed with a bearish momentum, signaling strong selling pressure. Although price briefly wicked down to 80k before bouncing back, this recovery is not yet strong enough to confirm a market bottom
đKey Support Zone: The 80k - 81k range is currently the most critical area to watch. Specifically, 81k aligns with the 0.5 Fibonacci retracement level and the daily EMA34. Buyers may step in here, but catching a falling knife requires extreme caution
đTechnical Structure: On the daily chart, a double top pattern was confirmed as price breakdown below 83k. That former support has now flipped into resistance. In the short term, BTC may retest the 82k5 - 83k zone before continuing its downward trajectory back toward 80k
đWorst case scenario: A daily close below 80k in the coming days would invalidate the immediate structure and open the door for a deeper correction toward 75k - 76k
đ„What to Watch Next ?
đFirst sign of relief: A daily close in the green today, holding above 81k
đBullish confirmation: Price reclaiming 83k to neutralize the recent breakdown pressure
đWarning sign: A weak rebound followed by hesitation and a daily close below 81k, which puts 80k under immediate risk again
đ„Trading Strategy:
đExercise patience and wait for clear price action signals at support levels
đAvoid aggressive short chasing without a solid entry point, and keep position sizing small, as shorting directly into support zones carries high risk
đA bounce at support does not automatically mark a macro bottom
đ„Altcoins: Bitcoin Dominance (BTC.D) remains very strong, so avoid over exposing or being overly greedy on altcoins
đ„Stay cautious today as we enter the Friday session
#BTC
đMarket Overview: Bitcoin experienced a sharp sell off after breaking below the key support level at 83k. The daily candle closed with a bearish momentum, signaling strong selling pressure. Although price briefly wicked down to 80k before bouncing back, this recovery is not yet strong enough to confirm a market bottom
đKey Support Zone: The 80k - 81k range is currently the most critical area to watch. Specifically, 81k aligns with the 0.5 Fibonacci retracement level and the daily EMA34. Buyers may step in here, but catching a falling knife requires extreme caution
đTechnical Structure: On the daily chart, a double top pattern was confirmed as price breakdown below 83k. That former support has now flipped into resistance. In the short term, BTC may retest the 82k5 - 83k zone before continuing its downward trajectory back toward 80k
đWorst case scenario: A daily close below 80k in the coming days would invalidate the immediate structure and open the door for a deeper correction toward 75k - 76k
đ„What to Watch Next ?
đFirst sign of relief: A daily close in the green today, holding above 81k
đBullish confirmation: Price reclaiming 83k to neutralize the recent breakdown pressure
đWarning sign: A weak rebound followed by hesitation and a daily close below 81k, which puts 80k under immediate risk again
đ„Trading Strategy:
đExercise patience and wait for clear price action signals at support levels
đAvoid aggressive short chasing without a solid entry point, and keep position sizing small, as shorting directly into support zones carries high risk
đA bounce at support does not automatically mark a macro bottom
đ„Altcoins: Bitcoin Dominance (BTC.D) remains very strong, so avoid over exposing or being overly greedy on altcoins
đ„Stay cautious today as we enter the Friday session
#BTC