BITCOIN - A countertrend correction before a decline
BTCUSDT.P is breaking the local bullish market structure within a broader bearish distribution phase while also forming a false breakdown below the 63,680 support area. The market continues to reinforce the dominance of the higher-timeframe bearish trend, although a corrective rebound remains possible before the next leg lowerHigher timeframe: The broader bearish trend remains intact. Sellers prevented price from reaching the key technical retracement level at 67,250, while a weak fundamental backdrop and continued ETF outflows continue to weigh on market sentiment.
From a technical perspective, Bitcoin has invalidated the local bullish structure after bears rejected the advance toward 67,250. The false breakout above 66K triggered a sharp sell-off and was followed by a break below the ascending trendline support
Resistance levels: 64,692, 65,590
Support levels: 63,860, 62,750, 61,322
Following the recent decline, Bitcoin may attempt a countertrend correction to sweep liquidity and fill the existing fair value gap. The primary focus remains on the 64,692 and 65,590 resistance levels. A short squeeze into this resistance zone could provide the technical setup for another bearish reversal toward the lower boundary of the current trading range
Best regards,
R. Linda
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🌹TRADING is a CASINO💔!?
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(don't copy, click on the links!)
🟢Telegram Channel: telegram.me/RLindaTrade
🧿 Web: rlinda.com
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