R/S Flip at $69k Invalidated

3 Kas 2024

That's the second wick below $69k in 3 days. Based on the number of times that has happened since BTC first engaged with the 2021 Top in March, it's a good indication that price is likely to go down further.

The next levels of technical support are at the 2021 Mid-Cycle Top at $64.8k and the 21-Week Moving Average, currently around $62.7k

25 Kas 2024

İşlem aktif

A lot has happened since the original analysis. The election day rally, aka The Trump Pump has pushed price past the 2021 Top at $69k up to $99.8k, and while this looks to be a valid R/S flip at $69k, it's worth noting that price never went back to retest. While I had hoped to see that retest materialize, history as recent as the breakout moves from the 25K - $30k range and the $40k - $45k range indicate that waiting on that retest has a huge opportunity cost because it simply may not happen.

That said, the R/S Flip at $69k still serves as the strongest technical support in the chart, and it will remain a valid target for a support test in future corrections and bear cycles.

Opinions only. No Financial Advice.