Bitcoin has lost both the long-term trendline and the key daily support zone around 59k–60k, turning previous support into resistance. Unless bulls reclaim this level quickly, the path of least resistance remains to the downside.
The current setup is based on a breakdown and potential retest of the former support. While a short-term relief bounce is possible, I'm treating it as an opportunity unless price can reclaim the breakdown level with conviction.
Trade Plan
🔴 Entry: Breakdown / retest of the 59k–60k resistance zone
🛑 Stop Loss: Above 70.2k (daily invalidation)
🎯 TP1: 52k–55k (first major demand)
🎯 TP2: 46.5k–48k
The higher-timeframe trend continues to print lower highs and lower lows, so I prefer trading with the trend until proven otherwise.
A daily close back above the broken support and sustained acceptance above 70k would invalidate this bearish thesis.
Trade the reaction, not the prediction. Risk management comes first.
The current setup is based on a breakdown and potential retest of the former support. While a short-term relief bounce is possible, I'm treating it as an opportunity unless price can reclaim the breakdown level with conviction.
Trade Plan
🔴 Entry: Breakdown / retest of the 59k–60k resistance zone
🛑 Stop Loss: Above 70.2k (daily invalidation)
🎯 TP1: 52k–55k (first major demand)
🎯 TP2: 46.5k–48k
The higher-timeframe trend continues to print lower highs and lower lows, so I prefer trading with the trend until proven otherwise.
A daily close back above the broken support and sustained acceptance above 70k would invalidate this bearish thesis.
Trade the reaction, not the prediction. Risk management comes first.
Trade closed: stop reached
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.