#BTC# Update



If you have been following me closely, this correction was long-awaited. There is always a "real" reason for the drop. This time it was the FOMC, tariffs, jobs report and the drop in US stocks.

I may have entered the long prematurely at 114,250 but it is still good to go.

Our first golden pocket was between 113,650 and 114,700 and the other possibility which I regarded as less likely was a re-visit to the May high at 111,700.

So far, BTC has dropped down to 112,690. At the 0.382 level (113,650) we also have the channel bottom and at 113,300 we also have the VWAP anchored to the last dip at 98k.

This is truly a zone of confluence and the drop should be complete here or at 111,700 the lowest.

The EQ of the range is at 110,700 and losing it on a daily timeframe would be the invalidation for a bounce. Hence my stop loss is below 110k.

If 110,700 is somehow lost, the next zone of interest is the golden pocket between 106,660 and 107,720. I don't think BTC will drop there but you should be aware of the level in the worst case scenario.
BTC3.41%
ME2.86%
MAY0.37%
EQ9.49%
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)