Bitcoin is declining within a descending channel that I charted just over a day ago. The price action is following the projected path as anticipated.
Key Levels to Watch:
Primary Target Zone: $80,700 - $79,000
This is where I’m expecting the next potential bounce. Specifically, I’m watching for a sweep of the lows around $79,500 as a likely scenario.
Alternative Scenarios:
If we fail to find support in the $80,700-$79,000 range, the technical picture deteriorates significantly, with $55,000 becoming a realistic downside target.
There’s also the possibility of a shorter-term bounce occurring at the current local lows around $84,600-$84,800, though this seems less probable given the lack of buying pressure we’re seeing at these levels.
Timeline:
We have considerable time for this price action to develop and resolve, so there’s no immediate rush to判断 the final direction.
Base Case:
My primary expectation remains a move down to sweep the $80,000 level, with $79,500 as the most likely area where we see a meaningful reaction.
Key Levels to Watch:
Primary Target Zone: $80,700 - $79,000
This is where I’m expecting the next potential bounce. Specifically, I’m watching for a sweep of the lows around $79,500 as a likely scenario.
Alternative Scenarios:
If we fail to find support in the $80,700-$79,000 range, the technical picture deteriorates significantly, with $55,000 becoming a realistic downside target.
There’s also the possibility of a shorter-term bounce occurring at the current local lows around $84,600-$84,800, though this seems less probable given the lack of buying pressure we’re seeing at these levels.
Timeline:
We have considerable time for this price action to develop and resolve, so there’s no immediate rush to判断 the final direction.
Base Case:
My primary expectation remains a move down to sweep the $80,000 level, with $79,500 as the most likely area where we see a meaningful reaction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.