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$BTC The level we had identified has worked almost perfectly: the price has been rejected several times in this very area. We will soon find out which direction it will take. If we break decisively through the $81,000–$82,000 range by the end of today, we could see a spike towards $85,000–$86,000. If not, the likelihood of a fall towards the $75,000 area would increase.
$ETH / $USD - Update
The bear volume is picking up, so we have to ask if we are beginning to see distribution kick in here. If breakdown then that would confirm this.
To be fair, there are two paths forward for #Bitcoin.
1 - Break back above $78,000 and this has been a classic sweep of liquidity and we're good to go, in which the confidence on the markets kick back in and #Altcoins will have more momentum (finally).
2 - This has another sweep and we're facing $76,000 as the ultimate entry zone on the markets, not only #Bitcoin.
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$BTC has performed brilliantly against the levels on my chart: it was rejected exactly in the area indicated, triggering the sell-off.
Now, as long as we manage to defend the lower range, I expect the market to recover. A break below 76–75k, on the other hand, would pave the way towards the 72–71k area, where I would expect an even more significant bounce.
In any case, as long as BTC remains above 70k, my strategy is simple: look for long positions with clear invalidation points and well-defined stop-losses. That’s all.
#Bitcoin
Bearish engulfing candle noted on daily time frame.
Top Goon X gave a 4H sell approaching alert yesterday as well (I mentioned last night when it triggered)
Not a good sign heading into the weekend
$75,500 local support below.
I'm looking at $78,000 as a resistance point.
If that breaks, then we're likely over with this correction.
If it doesn't, we'll get another sweep lower like earlier this week and that dip is very likely the one to buy on #Altcoins and #Bitcoin.
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$ETH / $USD - Update
I think this weekend this would make the most sense. A test of $2350 would be a gift IMO, if we do see that bounce.
This will give the strong Altcoins time to move and breathe.