After hitting the upper boundary of its dynamic channel, price faced a sharp decline and pulled back to the 67.55 level. It then dropped further to 64.90, but under the influence of buyer support, it recovered part of this decline and rose again to the 67.55 area.
Daily
After hitting the upper boundary of its dynamic channel, price faced a sharp decline and pulled back to the 67.55 level. It then dropped further to 64.90, but under the influence of buyer support, it recovered part of this decline and rose again to the 67.55 area.
Primary Scenario (Higher Probability)
If price manages to break below the 63.50 order block and turn it into a breaker block, there is a possibility of a renewed decline toward the sell side liquidity zone at 58.60.
Key Price Levels:
Order Block Zone: 63.50
Seller Liquidity: 58.60
Alternative Scenario (Lower Probability)
If price manages to break above the upper boundary of the dynamic channel with strong momentum, there is a possibility of a renewed price increase toward higher levels. In this case, the following price target can be considered:
Short Term Price Target:
72.60
1 Hour Timeframe – Bitcoin
1 Hour Timeframe – Bitcoin/USD (BTC/USD)
Bitcoin is in a strong bearish structure on the 1 hour timeframe. After reacting to the higher timeframe order block, price recovered slightly from its recent declines and underwent a corrective move from the 60,000 level up to 70,000.
Primary Scenario (Higher Probability)
Given the increase in selling pressure, if price manages to break below the 67,000 support level, there is a possibility of a renewed decline toward the 60,000 level.
Key Price Levels:
Support: 67,000
Bearish Target: 60,000
Alternative Scenario (Lower Probability) – Reversal Toward Higher Resistance Levels
If price forms a breakout and shifts the market structure to the upside, there is a possibility of a move toward the 80,000 level.
Key Price Levels:
MSS (Market Structure Shift): 71,821
Bullish Target: 80,000