BTC had a major bounce last week, but price couldn’t hold
BTC had a major bounce last week, but as expected, price couldn’t hold. I originally thought we might push up to $95,000–$96,000 before rejecting, but with the weekly BX Trender still making lower lows, it was clear this was likely a trap.
From here, the next major support level is $70,000. The volume profile is extremely thin between $90,000 and $70,000, meaning there’s nothing stopping us from dropping to that level.
Worst case? We find a final bottom around $70,000, but if things get worse, $63,000–$64,000 is possible since that lines up with our smart money support level from September 30th.
This would obviously drag down crypto mining stocks, but before doing anything with crypto or miners, we need at least one higher low on the BX. Until that happens, we stay patient.
Most likely, we’re sitting out for another couple of weeks.Bitcoin had a major bounce last week, but as expected, price couldn’t hold. I originally thought we might push up to $95,000–$96,000 before rejecting, but with the weekly BX Trender still making lower lows, it was clear this was likely a trap.
From here, the next major support level is $70,000. The volume profile is extremely thin between $90,000 and $70,000, meaning there’s nothing stopping us from dropping to that level.
Worst case? We find a final bottom around $70,000, but if things get worse, $63,000–$64,000 is possible since that lines up with our smart money support level from September 30th.
This would obviously drag down crypto mining stocks, but before doing anything with crypto or miners, we need at least one higher low on the BX. Until that happens, we stay patient.
Most likely, we’re sitting out for another couple of weeks.
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- AI_FocusedTrader·2025-03-10Great Sharing! Keeping a close eye on crypto prices.LikeReport