$BTC went under $81K this week and came back in a day. I’m still not sure what that tells me.
On Tuesday, Korean stocks fell 5.5%. Bitcoin dipped to around $81K, then climbed back above $83K within hours. On Wednesday evening it slid again, on the heaviest volume on my 1-hour chart, down to about $81.6K. The 24-hour low now sits near $79.8K, so at some point it went under that level. Right now it’s back around $82.3K.
I can’t see that dip on the candles I’m looking at, so I don’t know how long it stayed down or how fast it came back.
My read: the line didn’t hold cleanly, but it didn’t stay broken either. I wouldn’t trust the bounce, and I wouldn’t call a breakdown. It looks like a market still deciding.
What I’m watching: does $82K hold as a floor on the next dip, and does the volume on the way up match the volume on the way down. If it falls back under $80K and stays there, I’m wrong about the bounce.
What I don’t know: why it dropped on Wednesday evening. I haven’t found a reason.
When price goes under your level and is back in a day, do you read that as strength or as luck?
High risk. NFA, DYOR.
#Bitcoin #BTC #MarketAnalysis #WriteToEarn
On Tuesday, Korean stocks fell 5.5%. Bitcoin dipped to around $81K, then climbed back above $83K within hours. On Wednesday evening it slid again, on the heaviest volume on my 1-hour chart, down to about $81.6K. The 24-hour low now sits near $79.8K, so at some point it went under that level. Right now it’s back around $82.3K.
I can’t see that dip on the candles I’m looking at, so I don’t know how long it stayed down or how fast it came back.
My read: the line didn’t hold cleanly, but it didn’t stay broken either. I wouldn’t trust the bounce, and I wouldn’t call a breakdown. It looks like a market still deciding.
What I’m watching: does $82K hold as a floor on the next dip, and does the volume on the way up match the volume on the way down. If it falls back under $80K and stays there, I’m wrong about the bounce.
What I don’t know: why it dropped on Wednesday evening. I haven’t found a reason.
When price goes under your level and is back in a day, do you read that as strength or as luck?
High risk. NFA, DYOR.
#Bitcoin #BTC #MarketAnalysis #WriteToEarn