$BTC BTC DAILY CORRECTION BEGINS! $79.5K ON THE BRINK: BOUNCE OR CONTINUE TO $75K?
- 1-DAY TF (Image 2): BTC surged from $61.824 (Aug 12) to $87.395 (Sep 23). Now it’s experiencing its first serious DAILY CORRECTION. The price at $79.516 is already below the Daily Bollinger MB at $82.043 and is hovering around the Daily DN at $79.784. Daily RSI(6) = 27.06 (oversold readings on the daily timeframe are rare).
- 4-HOUR TF (Image 1): A closer look at the correction: a drop from $84.898 to $79.220. 4H RSI(6) = 18.74 (extremely oversold).
2. UPDATED TECHNICAL SIGNALS:
- DAILY BOLL: Price closed below the Daily MB ($82.043) = the daily uptrend has broken. As long as price stays below the MB, the daily chart remains in correction mode. The last daily support is the DN at $79.784. If it breaks, the next daily target could be $75.990.
- 4H BOLL: Likewise, price is below the MB at $80.862. So the 1-day and 4-hour timeframes are both bearish.
- Daily RSI 27 + 4H RSI 18 = Double Oversold. This means sellers are getting exhausted in the short term. The probability of a technical bounce over the next 1–2 days is increasing, but that doesn’t necessarily mean a reversal.
3. SETUPS
SCENARIO A - BUY THE BOUNCE (For a 1–3 Day Swing Scalp)
This takes advantage of oversold conditions on the daily timeframe.
- Area: $79.220 - $79.784 (Double support: Daily DN + 4H DN)
- REQUIRED confirmation: The DAILY candle must close back above $79.784 + 4H RSI must rise above 30.
- Target 1: $82.043 (Daily MB) -> This is the most realistic target for this post
- Target 2: $84.302 (Daily UP)
- Invalidation / Stop Loss: Daily close below $78.900
SCENARIO B - SELL THE RALLY (Main Daily Correction Trend)
This is the primary scenario.
- Sell area: $82.000 - $82.600 (Daily MB at $82.043 + 4H MB at $80.862)
- Confirmation: Wait for a rejection in the Daily MB area. If a pin bar / bearish engulfing appears there on the 4H timeframe, that’s a low-risk sell setup.
- Targets: $79.220 and $75.990 (next daily support)
- Stop Loss: Above $84.300
On the 1-day timeframe, BTC is undergoing a HEALTHY CORRECTION after rising from $61K to $87K. $79.5K is the key level.
If $79.7K breaks on the daily timeframe, we could see $75.9K next.
If it holds, we could get a Dead Cat Bounce to $82K first before the direction is decided again.
DYOR
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