🩸 Bitcoin tagged $60K, scared everyone, then bounced like it was all a prank.
Don't fall for the hug just yet.
The move:
Flushed to $60,000 on the fattest red volume bar in weeks 📉
Snapped back to $61.8K
+1.56% on the candle, green and shiny
Here's what people are getting wrong.
This isn't "another bull trap."
There was no trap. Just a downtrend.
Lower high after lower high, pinned under the trendline.
CHoCH then BOS on the way down (structure broke, trend went lower).
So what is this bounce?
A dead-cat special. 🐱
Shorts are stacked between ~$61.5K and $66K.
Price ticks up, shorts get squeezed, price ticks up more.
No fresh buyers needed. Just pain for late shorts.
Micron's blowout AI-chip earnings gave tech a sugar rush overnight, and crypto sipped some too. But a strong dollar and a stubborn Fed keep slapping every bounce down.
Now the chart gets interesting. 👀
Reclaim and HOLD $62.8K to $63.2K (the supply box plus the 200-week line sellers keep defending) and the squeeze can rip toward $64K.
Reject there, the trendline wins and a $60K retest is back on.
Lose $60K with conviction and the floor gets thin, fast.
Bounces in a downtrend are violent and convincing on purpose. That's the trick.
Wait for the reclaim. $62.8K is your line in the sand.
Remember before trade $BTC
Squeeze the shorts to $64K, or one more fakeout before $60K cracks? 🤔
Stay sharp, size small.
For sharp way take $BTC …
Any further info …. Comment …. #TaikoSaysL2IncidentNoUserFundLoss #BTC #MarketMeltdown #USA. #Binance #trade
Don't fall for the hug just yet.
The move:
Flushed to $60,000 on the fattest red volume bar in weeks 📉
Snapped back to $61.8K
+1.56% on the candle, green and shiny
Here's what people are getting wrong.
This isn't "another bull trap."
There was no trap. Just a downtrend.
Lower high after lower high, pinned under the trendline.
CHoCH then BOS on the way down (structure broke, trend went lower).
So what is this bounce?
A dead-cat special. 🐱
Shorts are stacked between ~$61.5K and $66K.
Price ticks up, shorts get squeezed, price ticks up more.
No fresh buyers needed. Just pain for late shorts.
Micron's blowout AI-chip earnings gave tech a sugar rush overnight, and crypto sipped some too. But a strong dollar and a stubborn Fed keep slapping every bounce down.
Now the chart gets interesting. 👀
Reclaim and HOLD $62.8K to $63.2K (the supply box plus the 200-week line sellers keep defending) and the squeeze can rip toward $64K.
Reject there, the trendline wins and a $60K retest is back on.
Lose $60K with conviction and the floor gets thin, fast.
Bounces in a downtrend are violent and convincing on purpose. That's the trick.
Wait for the reclaim. $62.8K is your line in the sand.
Remember before trade $BTC
Squeeze the shorts to $64K, or one more fakeout before $60K cracks? 🤔
Stay sharp, size small.
For sharp way take $BTC …
Any further info …. Comment …. #TaikoSaysL2IncidentNoUserFundLoss #BTC #MarketMeltdown #USA. #Binance #trade