Have you noticed how often a daily close under the lows gets called a confirmed breakdown, right before $BTC does the opposite?
That's where a lot of traders get hurt. They treat the first break as permission to panic sell or chase the short, then get run over when price snaps back and they're forced to exit into the bounce.
We've now seen a daily close below the range lows, and on the surface it looks decisive. The last time price deviated under the previous range, though, $BTC pumped roughly 6%, reversed the entire dump, and closed the week right back below the highs of that range. One daily candle was not the confirmation it appeared to be.
The practical move is to wait for the weekly close before deciding this breakdown is real. If we finish back above $83k, there's a decent chance this was another failed deviation rather than the start of a sustained move lower. Until that candle prints, reacting to the daily low is mostly how accounts get chopped up.
Where do you think this weekly close actually lands?
#Bitcoin #BTC #PriceAction
That's where a lot of traders get hurt. They treat the first break as permission to panic sell or chase the short, then get run over when price snaps back and they're forced to exit into the bounce.
We've now seen a daily close below the range lows, and on the surface it looks decisive. The last time price deviated under the previous range, though, $BTC pumped roughly 6%, reversed the entire dump, and closed the week right back below the highs of that range. One daily candle was not the confirmation it appeared to be.
The practical move is to wait for the weekly close before deciding this breakdown is real. If we finish back above $83k, there's a decent chance this was another failed deviation rather than the start of a sustained move lower. Until that candle prints, reacting to the daily low is mostly how accounts get chopped up.
Where do you think this weekly close actually lands?
#Bitcoin #BTC #PriceAction