From a global perspective, Bitcoin is in a strong uptrend; from a mid-term perspective — in a downtrend; and from a local perspective — in an upward trend. Therefore, in my view, the mid-term downtrend is still unfolding, and only a breakout above the 88,740 level would signal the first real threat to this bearish structure.
As long as the price remains below 88,740 and 87,400, the market remains a sell, with a target at 74,456 — a key resistance level. Moreover, if the price indeed reaches 74,456, it’s unlikely that the movement will stop there. There's a high probability that we’ll see further downside toward 70K, 65K, and possibly even 60K in the mid-term.
In conclusion: it’s crucial to wait for a breakdown below the purple consolidation area before considering short entries.
As long as the price remains below 88,740 and 87,400, the market remains a sell, with a target at 74,456 — a key resistance level. Moreover, if the price indeed reaches 74,456, it’s unlikely that the movement will stop there. There's a high probability that we’ll see further downside toward 70K, 65K, and possibly even 60K in the mid-term.
In conclusion: it’s crucial to wait for a breakdown below the purple consolidation area before considering short entries.
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That’s why it was important to wait for the price to drop below 83,560 before looking for short setups. The price broke out of the consolidation to the upside and reached the previous key level at 87,400. We can only talk about a potential decline again if the price re-enters the consolidation zone. A short position targeting 74,456 would only be valid if the price breaks below the 84,659–83,882 range.
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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.