Hi friends! ☀️
Locally, the situation has stabilized, and Bitcoin is attempting to establish itself above 62,500.
I have marked this level as the Decision Zone ❗️❗️❗️ because a successful hold above it could open the door to a relatively quick move toward 64,890.
If price fails to hold current levels, however, we will likely see the correction continue toward the 60,000 area.
🔪 At the same time, the bigger picture still looks noticeably weaker. Considering the scale of the decline over the past few months, the bounce from 59,100 to 64,100 has been fairly modest, and the current consolidation looks more like a pause before the next leg down than a true reversal structure.
🧐 To sum it up, 62,500 remains the key level to watch. Holding above it would open the path toward 64,890, but the broader market structure remains weak, and the current recovery still looks more like a corrective bounce than the beginning of a new uptrend.
That is why the market's reaction around 62,500 will likely determine the direction of the next major move.
Peace! 🌄
Locally, the situation has stabilized, and Bitcoin is attempting to establish itself above 62,500.
I have marked this level as the Decision Zone ❗️❗️❗️ because a successful hold above it could open the door to a relatively quick move toward 64,890.
If price fails to hold current levels, however, we will likely see the correction continue toward the 60,000 area.
🔪 At the same time, the bigger picture still looks noticeably weaker. Considering the scale of the decline over the past few months, the bounce from 59,100 to 64,100 has been fairly modest, and the current consolidation looks more like a pause before the next leg down than a true reversal structure.
🧐 To sum it up, 62,500 remains the key level to watch. Holding above it would open the path toward 64,890, but the broader market structure remains weak, and the current recovery still looks more like a corrective bounce than the beginning of a new uptrend.
That is why the market's reaction around 62,500 will likely determine the direction of the next major move.
Peace! 🌄
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.