The market gave a clear signal of weakness after failing to hold above 65K, and it's back trading near 62.5K. This keeps the scenario of 62K โ 68K that we talked about earlier still on the table, but the scales are currently tipping slightly in favor of the sellers.
๐จ BTC Update | Will the 62K support hold or are we heading back to 59K?
BTC is back trading around 62.5K after yet another failure below the 65K - 66K zone, while most of the key timeframes are still trading below the important moving averages.
๐ Current signals: โข Clear weakness at resistance 65K - 66K
โข RSI is still below bullish strength levels
โข MACD is bearish on the larger timeframes
โข 62K is still the last important defense area for buyers
๐ข Supports
62,000 - 62,500
59,100 - 60,000 (currently the most important)
56,000 - 57,000
๐ด Resistances
65,000 - 66,300
68,300 - 70,000
73,000 - 74,000
๐ฅ Best LONG trade
Entry: 59,500 - 60,500
๐ Stop: 57,800
๐ฏ Target 1: 66,000
๐ฏ Target 2: 68,300
๐ฏ Target 3: 73,000 - 74,000
๐ฏ Target 4: 78,000
Reason: Best risk-to-reward ratio and still represents the market's pivot bottom.
๐ป Best SHORT trade
Entry: 65,000 - 66,300
๐ Stop: 68,800
๐ฏ Target 1: 62,000
๐ฏ Target 2: 60,000
๐ฏ Target 3: 59,100
Reason: The area has turned into strong resistance and the price has failed to reclaim it multiple times.
Summary
โ๏ธ 62K is the current market battle.
Staying above it keeps the chance of a bounce towards 65K then 68K.
Breaking it with a clear daily close significantly increases the likelihood of visiting 60K then 59K.
So far: Selling resistances and buying supports is still better than chasing the movement in the middle of the range.
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Content is not investment advice โ do your own research
