$BTC - The price of Bitcoin is currently moving down, which is exactly why I emphasized the importance of waiting for clear confirmations before taking a more decisive stance on the low-timeframes, such as scaling out of my hedges and rotating the capital back into my spot holdings.
From the beginning, there was always the risk that this move could end up being just a fakeout, and until there is clear confirmation of a durable breakout, the most likely outcome on the low-timeframes remains further consolidation inside the high-timeframe support range marked in purple, aligning with the 0.786 Fibonacci POI at $65.9K.
For now, as I’ve said in some of my prior PAT Updates as well, the most important POI remains the lost high-timeframe support range marked in blue, which was lost a couple of weeks ago and also aligns with the 3D Bull Market Support Band sitting at $77K.
That’s the level where I believe we could see rejection, and until the price manages to break above that range, the most likely outcome remains further consolidation or a continuation of the high-timeframe downtrend in a more bearish setting.
From the beginning, there was always the risk that this move could end up being just a fakeout, and until there is clear confirmation of a durable breakout, the most likely outcome on the low-timeframes remains further consolidation inside the high-timeframe support range marked in purple, aligning with the 0.786 Fibonacci POI at $65.9K.
For now, as I’ve said in some of my prior PAT Updates as well, the most important POI remains the lost high-timeframe support range marked in blue, which was lost a couple of weeks ago and also aligns with the 3D Bull Market Support Band sitting at $77K.
That’s the level where I believe we could see rejection, and until the price manages to break above that range, the most likely outcome remains further consolidation or a continuation of the high-timeframe downtrend in a more bearish setting.
