BTCUSD.P has been on a bearish market structure since the 31k high on 14th of April. For more upside, Bitcoin needs to reclaim the 28k Value Area.A glimmer of hope is seen at the following setup.
- Local S/R level.
- Golden pocket, off of the local HTF pivot points.
- Possible SFP of the range low.
- Possible TP level at the reclaim of the 28k Value Area Low.
If Bitcoin loses the 26.5k support we're looking at more downside, with the next support at approximately 25k.
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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.