$BTC It did what it had to do; if you’ve been following me, you’ve ridden the temporary bounce We’ve now reached the first target (mid-range) My update will follow after the weekly close Nice job
$BTC On lower time frames, the downtrend appears to have slowed. Following the sharp fall, the price is beginning to stabilise within a demand zone, without yet showing the strength required to break below the lows. As long as the low remains intact, the most likely scenario is a period of consolidation: the market could continue to move within this range, absorbing liquidity and reducing volatility before the next move. Tomorrow will be a very important day. If sellers fail to push the price below this support level and we continue to hold this area, the likelihood of a recovery towards the upper end of the range – where the first significant resistance lies – will increase.
$BTC For the time being, I remain more interested in long scalping set-ups than short ones. The market is still in a phase of consolidation and volatility, so chasing the price in the middle of the range does not offer a significant statistical advantage. I prefer to wait for the market to reveal its intentions.
$BTC This level is not merely a support level: on the monthly chart, it represents a historical demand zone that has already held up on several occasions in the past. The same concept is also evident on the weekly chart, which is why I continue to regard it as one of the most important levels in the entire cycle.
As I indicated four days ago, it was reasonable to expect some rebounds, and indeed the market has already started to show them. As long as this area holds at the weekly close, the outlook remains positive in my view, and any weakness falls within the normal range of market volatility.
The situation would be different in the event of a clear break below the level on the weekly chart: at that point, the technical picture would become decidedly more bearish and the likelihood of a decline towards lower liquidity zones would increase.
Until then, however, I simply see a test of a massive support level. The market is deciding its next direction here.