Brothers, Bitcoin just broke through 70k, let me share some quick thoughts!
Bitcoin is now at 69,400, it directly broke the 70k level, overall bears are still in control, but with such a big drop, a short-term bounce is definitely coming.
On the daily chart, the trend is weakening, the moving averages are pressing down hard, and 68,000 is providing strong support below. Bounces will first need to reclaim 70,500, if it can't get back there we need to push lower.
On the 4-hour, it's a clear downtrend channel, don't expect too much from bounces, the key level is 70,500. If it breaks 68,500 again, it will drop faster.
On the 1-hour level, after dropping so much there's a need for correction, short-term bounces are likely, but it only counts if we pass 70,500. If we can't, after the bounce we'll still drop.
The major direction is still down, we can catch short-term small bounces, keep an eye on 68,000 support and 70,500 resistance, conservative traders wait for the direction to become clearer before making moves, don't rush in!
I'm giving 5U each to 5 random brothers in the comments!
Brothers, Bitcoin just broke through 70k, let me share some quick thoughts!
Bitcoin is now at 69,400, it directly broke the 70k level, overall bears are still in control, but with such a big drop, a short-term bounce is definitely coming.
On the daily chart, the trend is weakening, the moving averages are pressing down hard, and 68,000 is providing strong support below. Bounces will first need to reclaim 70,500, if it can't get back there we need to push lower.
On the 4-hour, it's a clear downtrend channel, don't expect too much from bounces, the key level is 70,500. If it breaks 68,500 again, it will drop faster.
On the 1-hour level, after dropping so much there's a need for correction, short-term bounces are likely, but it only counts if we pass 70,500. If we can't, after the bounce we'll still drop.
The major direction is still down, we can catch short-term small bounces, keep an eye on 68,000 support and 70,500 resistance, conservative traders wait for the direction to become clearer before making moves, don't rush in!
I'm giving 5U each to 5 random brothers in the comments!