Currently, BTC is slowly moving down within a channel. Judging from the order-book situation, this round of the downtrend has basically bottomed out. But the order book is “dead,” while people are “alive.” It can only be used as a reference and can’t be the only reference. Maybe in the end, it will come one more long wick to probe the bottom!



But chasing for a bounce right now isn’t a good deal in terms of cost-effectiveness. Unless the price decisively breaks below 76,000, the downside room is sealed off—there’s no need to trade a watermelon for sesame seeds.

In terms of the one-hour order book, it has already probed downward twice, but it still hasn’t managed to pierce through the key support at 76,200. There’s still room here; it could end up forming a small double bottom. Why do I say “possible”? Because its current rebound strength hasn’t yet pushed through the overhead resistance at 77,300. Only if it holds this level and keeps running steadily above it can we say this small double bottom pattern has truly taken shape. Or, if it dives down another 2–3 times and still can’t touch 76,200, that would be a signal of a multiple bottom. A support level that gets tested 3–4 times and still doesn’t break shows that the main market funds recognize that bottom. It’s hard for BTC to break below it by itself again, unless something major suddenly comes from outside.

If you want to bottom-fish, you still need a bit of patience. Wait and see whether BTC goes back to 76,200 again and observe how it performs there. As long as it doesn’t break below 76,200, the short-term downside won’t widen. Once it breaks below, then we need to watch the new level at 74,900. If you want to see a rebound move, it must break through the neckline at 77,300. After it pushes through, then we can look toward 78,400 and the prior highs. If it can’t go up or down, it will keep ranging in that small box between 77,300 and 76,200, waiting until the U.S. stock market opens to give a real direction. But around 76,300, there’s “tou-cang” connecting with “duo-dan”! Defend at 75,500!
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