That's the second wick below $69k in 3 days. Based on the number of times that has happened since BTC first engaged with the 2021 Top in March, it's a good indication that price is likely to go down further.
The next levels of technical support are at the 2021 Mid-Cycle Top at $64.8k and the 21-Week Moving Average, currently around $62.7k
The next levels of technical support are at the 2021 Mid-Cycle Top at $64.8k and the 21-Week Moving Average, currently around $62.7k
Trade active
A lot has happened since the original analysis. The election day rally, aka The Trump Pump has pushed price past the 2021 Top at $69k up to $99.8k, and while this looks to be a valid R/S flip at $69k, it's worth noting that price never went back to retest. While I had hoped to see that retest materialize, history as recent as the breakout moves from the 
25K - $30k range and the $40k - $45k range indicate that waiting on that retest has a huge opportunity cost because it simply may not happen.That said, the R/S Flip at $69k still serves as the strongest technical support in the chart, and it will remain a valid target for a support test in future corrections and bear cycles.
Opinions only. No Financial Advice.
Here's to trading smarter!
Keith Alan
Keith Alan
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.
Here's to trading smarter!
Keith Alan
Keith Alan
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.