🔸$BTC Expectation for a rebound after the recent drop, but it may not be an immediate rebound at the current price level.
🔸The selling pressure after the drop is pulling BTC down quite strongly; all rebounds of a few hundred or 1k in price are merely technical rebounds and the struggles of the Long side due to the leverage volume of those who like to catch the DIP.
🔸The supports below specifically at the price level of 78,000 are continuously attracting BTC; is there another drop to shake off all the players trying to catch the bottom?
🔸Technically, BTC has just slightly rebounded from the 81,000 area to 83,000, but after touching the downward trendline, there is hesitation in trying to push through but it has not succeeded, currently still being held back at the resistance trendline of 83,000.
🔹Personally, I believe BTC will have one more shake down to the price level around 78,000 before it can enter a true recovery trend. At the current price level, it is better for everyone to stay outside and observe rather than trade right now.
🔹It is advisable to choose strong support and resistance areas from the 1D timeframe and above to trade more safely. Observe carefully the 78,000 area; if this support is lost, BTC may once again see prices in the 5x.xxx range.
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