$BTC
When BTC broke below $75K, I mentioned that we don't really have any good support below that level. The only good setup I could see was BTC reclaiming $75,000. As long as BTC remains below $75K, the bears will remain in control.
I said looking at the chart on the left, there isn't much support below $75K because it's been a clean move up, with no significant consolidation or support zones in between.
And what happened after that we all know.
However, the price is now approaching a very key zone on the daily chart. This is also a daily demand zone from where the entire move started taking BTC towards $87k's.
At the same time, this area between $63K - $67K also represents the previous range lows.
So now we do have some reasons to believe that BTC could find some sort of support around this zone.
Will it be short-term support or something more significant? I honestly have no idea at this point. The selling pressure has been brutal, much more than I was expecting.
We'll have to wait and see how price reacts.
Long story short, we didn't really have any meaningful support below $75K, but now BTC is approaching a zone where we can reasonably expect buyers to step in and provide some support.
When BTC broke below $75K, I mentioned that we don't really have any good support below that level. The only good setup I could see was BTC reclaiming $75,000. As long as BTC remains below $75K, the bears will remain in control.
I said looking at the chart on the left, there isn't much support below $75K because it's been a clean move up, with no significant consolidation or support zones in between.
And what happened after that we all know.
However, the price is now approaching a very key zone on the daily chart. This is also a daily demand zone from where the entire move started taking BTC towards $87k's.
At the same time, this area between $63K - $67K also represents the previous range lows.
So now we do have some reasons to believe that BTC could find some sort of support around this zone.
Will it be short-term support or something more significant? I honestly have no idea at this point. The selling pressure has been brutal, much more than I was expecting.
We'll have to wait and see how price reacts.
Long story short, we didn't really have any meaningful support below $75K, but now BTC is approaching a zone where we can reasonably expect buyers to step in and provide some support.
