$BTC price has taken a significant hit overnight, breaching the 1H EMA20 at $71,064.20. While the 1H RSI has careened to 10.5, a level below 20 underscores extreme oversold conditions, suggesting a potential bounce is brewing. The question is, can price find support at $68,307.28, or will it accelerate to the downside?
Bullish bounces often fail to materialize when the initial rebound touches the midpoint of the prior decline. In this case, that midpoint was around $70,395.41. If price rallies from here and encounters $73,152.01 resistance without touching $68,307.28 support, does it signify a sustainable trend change, or a trap for late entrants?
$BTC $SOL $BNB #BTC #Write2Earn #BinanceSquare
Bullish bounces often fail to materialize when the initial rebound touches the midpoint of the prior decline. In this case, that midpoint was around $70,395.41. If price rallies from here and encounters $73,152.01 resistance without touching $68,307.28 support, does it signify a sustainable trend change, or a trap for late entrants?
$BTC $SOL $BNB #BTC #Write2Earn #BinanceSquare
