support this site by creating an account with bybit using the link below
As mentioned in the previous post, if we got acceptance below the 62,000 level, I would change my bias to bearish. BTC is now trading around the 60,700 level and clearly got accepted below 62,000. So, for now, I am bearish - in the short term.
My target, for now, is the point of control highlighted in the last post. This is just around the 57,500 level. I expect to see further downside for now, and possibly down to the 57,500 level. Just around this level is the next place I will look for a possible long trade. I think it's very likely we will see a quick move down in this area and then a snap back up.
If this level does not hold as support, further downside is in the cards, and I don't want to be left holding the bag. So it will be a long position with a rather stop.