$BTC Update 🚀
This is essentially a continuation of the “death cross + lost weekly EMA ribbon” warning I shared earlier.
Bounce attempts have been weak, and price has now slipped into the $69K–$72K zone — the key level that will tell us whether this is just a nasty shakeout or the start of a deeper correction.
On the daily chart, the death cross is active, and moving averages (50/200) sit far above price textbook bearish territory. Pumps are getting sold, and supports are being stress-tested.
On the weekly chart, we’re still below the EMA ribbon and getting rejected. Until we reclaim that area, any upward move is likely just a retest, not a reversal.
The scenario is simple:
Hold $69K–$72K and start reclaiming levels — first $82K, then the low/mid-$90Ks — and this could form a bottoming range and a squeeze setup.
Break $69K–$72K on a clean weekly close, and the next leg down opens up, making the accumulation phase more painful before bullish conditions return. 🔥 $ETH
