$BTC
When BTC lost the $75K level, I pointed out that there wasn’t much support beneath it. The only setup that looked good to me was a reclaim of $75,000, and for as long as price stays under that mark, the bears hold control.
Looking at the chart on the left, I noted that the move up had been clean, with no real consolidation or support zones along the way. Everyone saw how things played out from there.
Now, though, price is closing in on a key area on the daily chart. It’s a daily demand zone, the very spot where the whole rally toward the $87K region began. The $63K - $67K area also marks the lows of the previous range.
That gives us a few solid reasons to think BTC might find some support here.
Whether this turns out to be a brief bounce or a more meaningful floor, I honestly can’t say. The selling has been relentless, far heavier than I anticipated. We’ll need to watch how price reacts.
Bottom line: there wasn’t any meaningful support below $75K, but BTC is now nearing a zone where it’s reasonable to expect buyers to show up and offer some support.
#Bitcoin #BTC #Crypto #TechnicalAnalysis #CryptoTrading
When BTC lost the $75K level, I pointed out that there wasn’t much support beneath it. The only setup that looked good to me was a reclaim of $75,000, and for as long as price stays under that mark, the bears hold control.
Looking at the chart on the left, I noted that the move up had been clean, with no real consolidation or support zones along the way. Everyone saw how things played out from there.
Now, though, price is closing in on a key area on the daily chart. It’s a daily demand zone, the very spot where the whole rally toward the $87K region began. The $63K - $67K area also marks the lows of the previous range.
That gives us a few solid reasons to think BTC might find some support here.
Whether this turns out to be a brief bounce or a more meaningful floor, I honestly can’t say. The selling has been relentless, far heavier than I anticipated. We’ll need to watch how price reacts.
Bottom line: there wasn’t any meaningful support below $75K, but BTC is now nearing a zone where it’s reasonable to expect buyers to show up and offer some support.
#Bitcoin #BTC #Crypto #TechnicalAnalysis #CryptoTrading
