REJECTION AT THE SUPPORT OF $77685
Yesterday, $BTC was sitting around the $79,000 area, and the key level I was watching was $79,176.
The question was simple:
Could buyers reclaim and hold above that level, or would sellers maintain control?
So far Sellers had gained the upper hand pushing the price lower to the support I marked, fetched liquidity before buyers came in pushing the price back up.
Currently $BTC is trading at $78600 aiming to the next resistance of $79176
What is next for #BTC?
Scenario 1; If buyers defend $77,600 and price shows a strong reaction, we could see another attempt to reclaim $79,176.
Scenario 2;If #sellers break and hold below $77,685, the probability of a move toward $75,394 increases.
WHAT CONFIRMATION SHOULD WE WATCH?
If this 4H candle:
✔ Closes strongly back above $77,685
preferably continues upward and reclaims $79,176
✔ then that rejection becomes much more significant and strengthens the bullish reaction.
However,
if the candle loses its green recovery and eventually closes decisively below $77,685, then the current bounce may simply have been temporary, and $BTC could continue toward $75,394.
Note;Trade the reaction, trade the confirmation Not the prediction.
#priceaction
#SaudiHaltsSouthernEnergySitesAfterAttacks #BTC
Yesterday, $BTC was sitting around the $79,000 area, and the key level I was watching was $79,176.
The question was simple:
Could buyers reclaim and hold above that level, or would sellers maintain control?
So far Sellers had gained the upper hand pushing the price lower to the support I marked, fetched liquidity before buyers came in pushing the price back up.
Currently $BTC is trading at $78600 aiming to the next resistance of $79176
What is next for #BTC?
Scenario 1; If buyers defend $77,600 and price shows a strong reaction, we could see another attempt to reclaim $79,176.
Scenario 2;If #sellers break and hold below $77,685, the probability of a move toward $75,394 increases.
WHAT CONFIRMATION SHOULD WE WATCH?
If this 4H candle:
✔ Closes strongly back above $77,685
preferably continues upward and reclaims $79,176
✔ then that rejection becomes much more significant and strengthens the bullish reaction.
However,
if the candle loses its green recovery and eventually closes decisively below $77,685, then the current bounce may simply have been temporary, and $BTC could continue toward $75,394.
Note;Trade the reaction, trade the confirmation Not the prediction.
#priceaction
#SaudiHaltsSouthernEnergySitesAfterAttacks #BTC
