#BTC update (1D)
We followed BTC's drop from 95,000 zone and so far BTC has wicked 76,000 zone. 77,700 - 80,600 zone is a prz (potential reversal zone) so it is natural to see some support here but if Bitcoin is to continue rising to higher levels, it needs more time and probably another drop towards the next key prz of 73,000 zone.
In fact it is highly crucial for BTC to have strong positive reaction (both price and volume) upon reaching the 73,000 zone and if that happens and BTC manages to cross above the blue descending trendline, higher targets will be activated. In this scenario, the drop from the 110,000 zone towards 73,000 zone, is considered the retest of the 73,000 zone which was once an ATH.
The alternate scenario is to see BTC crossing below the long term weekly trendline and activating much lower targets. The reason for this scenario can be the possible incoming global recession due to Trump's tariff war which will definitely cause both Stock and Crypto markets to head for much lower levels.
We followed BTC's drop from 95,000 zone and so far BTC has wicked 76,000 zone. 77,700 - 80,600 zone is a prz (potential reversal zone) so it is natural to see some support here but if Bitcoin is to continue rising to higher levels, it needs more time and probably another drop towards the next key prz of 73,000 zone.
In fact it is highly crucial for BTC to have strong positive reaction (both price and volume) upon reaching the 73,000 zone and if that happens and BTC manages to cross above the blue descending trendline, higher targets will be activated. In this scenario, the drop from the 110,000 zone towards 73,000 zone, is considered the retest of the 73,000 zone which was once an ATH.
The alternate scenario is to see BTC crossing below the long term weekly trendline and activating much lower targets. The reason for this scenario can be the possible incoming global recession due to Trump's tariff war which will definitely cause both Stock and Crypto markets to head for much lower levels.
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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.
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.