$BTC bearish call played out and price is now testing the weekly low area.
In our last update $BTC was at 76664 and down 5.09%. We said support at 76361 was under pressure and that a 1H close below it could send price toward 75736. We also said BTC stays weak below 78400.
$BTC
That is exactly how it played out. Price chopped around 76000 for days and built equal lows. Then sellers swept them and broke both 76361 and 75736 in one strong drop. It made a lower low and a bearish CHoCH. BTC is now at 74025 and about 3.4% lower than our last update.
Price is bouncing from the demand zone at 73880 to 73450. The previous day low and the previous week low also sit there near 73470. This is the key support now.
If a 1H candle closes below 73470 price can slide toward 73000 and lower.
If buyers defend this zone a bounce can retest the broken support at 75100 to 75540. The next resistance is 76100 to 76300 where the old OB and the previous day high sit. A strong close above 76300 would start to flip the structure back to bullish. Equilibrium sits at 77100 to 77500 and the supply zone at 78000 to 79500 stays far above.
For now BTC remains bearish under 76300. Support at 73470 has not broken on a close. Watch the next 1H closes around that zone. A bounce into resistance is only a bounce until the structure changes.
In our last update $BTC was at 76664 and down 5.09%. We said support at 76361 was under pressure and that a 1H close below it could send price toward 75736. We also said BTC stays weak below 78400.
$BTC
That is exactly how it played out. Price chopped around 76000 for days and built equal lows. Then sellers swept them and broke both 76361 and 75736 in one strong drop. It made a lower low and a bearish CHoCH. BTC is now at 74025 and about 3.4% lower than our last update.
Price is bouncing from the demand zone at 73880 to 73450. The previous day low and the previous week low also sit there near 73470. This is the key support now.
If a 1H candle closes below 73470 price can slide toward 73000 and lower.
If buyers defend this zone a bounce can retest the broken support at 75100 to 75540. The next resistance is 76100 to 76300 where the old OB and the previous day high sit. A strong close above 76300 would start to flip the structure back to bullish. Equilibrium sits at 77100 to 77500 and the supply zone at 78000 to 79500 stays far above.
For now BTC remains bearish under 76300. Support at 73470 has not broken on a close. Watch the next 1H closes around that zone. A bounce into resistance is only a bounce until the structure changes.
