#BTC


The fake breakout structure of Bitcoin is playing out again!
Bitcoin has fallen back below 80,000 on the smaller timeframes and has started testing the support level at 79,523. This actually already forms a fake breakout structure, with the point of control (POC) at 78k, and the limit support of the chip structure near 71k!
Personal opinion: After the fake breakout structure, it is the support of the upward channel. Only a breakdown here could lead to a pullback correction and develop into a new decline! Currently, the support below is around 78k. Watch for price reactions when it touches this level. If there are signs of a bottoming rebound, it might just consolidate sideways for a while. If not, a deep retracement to shake out the traders or a new decline could directly begin!
BTC-1.66%
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