Simple reason why there is a high probability for bearish continuation on BTC>
The last 6 weeks candle close failed to close above the previous high of $108,499.54, thereby leading to liquidity sweep that signals the bearish movement of the last 5 weeks.
Current weekly has violated the consequent encroachment thereby leading to break of structure low in lower time frame signaling possible bearish continuation
If the current weekly candle gives a bodily close below $81,453, that would a valid confirmation for bearish continuation to the bearish breaker block between $64,818 & $69,596. This was the breakout point post US election and price is yet to retest that Zone.
A closure below $64,000 may take us to the retest of $49,000
Whist I see $73,748 as the immediate support, Traders should still pay attention to the possibility of $89,543 and $99,717 resistance levels that may be tested in the medium term
The last 6 weeks candle close failed to close above the previous high of $108,499.54, thereby leading to liquidity sweep that signals the bearish movement of the last 5 weeks.
Current weekly has violated the consequent encroachment thereby leading to break of structure low in lower time frame signaling possible bearish continuation
If the current weekly candle gives a bodily close below $81,453, that would a valid confirmation for bearish continuation to the bearish breaker block between $64,818 & $69,596. This was the breakout point post US election and price is yet to retest that Zone.
A closure below $64,000 may take us to the retest of $49,000
Whist I see $73,748 as the immediate support, Traders should still pay attention to the possibility of $89,543 and $99,717 resistance levels that may be tested in the medium term
FINSPOT ACADEMY
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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.
FINSPOT ACADEMY
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.