We are seeing a true Black Friday on Bitcoin today 😵😱🤬—price is diving below 82k, and the 126k top feels like jusst history.
Looking at the 1D structure, the market is clearly aiming for a "hard reset," magnetically pulled toward the 1.0 Fibonacci level around 74,600 USDT. We’ve already smashed through key supports, including the 0.786 Fib, which usually opens up a highway for a full retracement.
In my view, this drop is setting the stage to build the Right Shoulder of a massive Head and Shoulders pattern. If the 74k zone holds—and it’s a major technical support—I expect a demand reaction there (marked with the green arrow). The target for this relief rally would be a return to the 100k area (0.5 Fib), completing the shoulder structure before any potential further downside.
The situation is confirmed by Trading Cipher X. Money Flow is flashing thick red, signaling that big capital is still exiting the market, while the wide momentum waves at the bottom indicate heavy selling pressure. There are no reversal signals yet; the daily candles (basically bearish Marubozu) and rising bars on the cumulative volume (WWV) confirm that the bears are in total control right now.
Game Plan: I’m not catching falling knives here. I’m patiently waiting for the price to hit the "kill zone" at 74,600 USD. Only there, upon confirmation (I’m looking for a bullish divergence on TCX), will I look for a Long entry to play the bounce. On the flip side, mid-term Shorts will only become attractive if we revisit the 98k-100k zone. Keep your eyes on 74k—it’s make or break for the bulls in the coming weeks.
Looking at the 1D structure, the market is clearly aiming for a "hard reset," magnetically pulled toward the 1.0 Fibonacci level around 74,600 USDT. We’ve already smashed through key supports, including the 0.786 Fib, which usually opens up a highway for a full retracement.
In my view, this drop is setting the stage to build the Right Shoulder of a massive Head and Shoulders pattern. If the 74k zone holds—and it’s a major technical support—I expect a demand reaction there (marked with the green arrow). The target for this relief rally would be a return to the 100k area (0.5 Fib), completing the shoulder structure before any potential further downside.
The situation is confirmed by Trading Cipher X. Money Flow is flashing thick red, signaling that big capital is still exiting the market, while the wide momentum waves at the bottom indicate heavy selling pressure. There are no reversal signals yet; the daily candles (basically bearish Marubozu) and rising bars on the cumulative volume (WWV) confirm that the bears are in total control right now.
Game Plan: I’m not catching falling knives here. I’m patiently waiting for the price to hit the "kill zone" at 74,600 USD. Only there, upon confirmation (I’m looking for a bullish divergence on TCX), will I look for a Long entry to play the bounce. On the flip side, mid-term Shorts will only become attractive if we revisit the 98k-100k zone. Keep your eyes on 74k—it’s make or break for the bulls in the coming weeks.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.