🚨 $BTC Weekly Close Inside Bear Flag – Trap Before the Next Move?
BTC has given a weekly closing inside a bear flag. The next resistance zones are 69,500, 71,500–72,000, and 73,800. The final major resistance zone is $76,200. Meanwhile, the support levels are 66,600, 64,500, and 62,800–63,500.
A lot of short traders have entered the market, and they are being slightly squeezed first — after that, you already know what can happen. As I mentioned before, Monday volatility was expected since markets were opening after two days, which looked more like a trap. So don’t FOMO. We remain bearish until we get a breakout and a weekly close above 78K. Right now, we are not going above it, so don’t worry, as we have discussed these scenarios multiple times.
Right now, the first resistance has been tapped and, exactly as explained, it has faced rejection.
Just like it happened in history, a similar wick has already formed. If the market gets rejected from $69,500 and drops, it could be the last nail in the coffin. Otherwise, as I already mentioned, the falling wedge can take price максимум toward 76K, where the bear flag resistance would again act as the last nail in the coffin.
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