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 Iโm expecting the next potential bounce. Specifically, Iโm 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.
Thereโs 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 weโre seeing at these levels.
Timeline:
We have considerable time for this price action to develop and resolve, so thereโs no immediate rush toๅคๆญ 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.โโโโโโโโโโโโโโโโ
Key Levels to Watch:
Primary Target Zone: $80,700 - $79,000
This is where Iโm expecting the next potential bounce. Specifically, Iโm 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.
Thereโs 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 weโre seeing at these levels.
Timeline:
We have considerable time for this price action to develop and resolve, so thereโs no immediate rush toๅคๆญ 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.โโโโโโโโโโโโโโโโ
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.