📊 #BTC retests support at 104,000. Can it hold?
🧠From a structural perspective, the pullback after reaching our ideal red target zone makes sense. After the October 11th crash, market liquidity suffered a devastating blow, so we're likely to see some period of sideways consolidation. Therefore, we continued to reduce our holdings after hitting our short defensive point, locking in a total of 80% profit. Our long position has now been closed at our cost price.
➡️This is the third time we've tested support near 107,400. The more times it's tested, the weaker the support becomes. However, don't chase shorts near this support level. Even if you do short, wait for a break below this support level and a rebound before considering a short position.
➡️If the decline continues, support near 105,188 or the solid support at 103,588 (where we last entered a long position) is worth watching.
Let's see 👀
🤜If you like my analysis, please like 💖 and share 💬
BTCUSDT
Perp
89,465
-0.87%