As I’ve been discussing in my past few posts, $BTC was very likely to start developing a short term breakdown if we continued to reject from resistance, and as we can see, this is exactly what has started to play out over the past few hours.
Price has now broken down from both the horizontal support at $64k AND the multi-week uptrend that it had been respecting. Now that this breakdown has been confirmed, I’d expect the next level of support to be around $63k-$61k, which price has now started to enter.
If we can’t hold $61k, then we will very likely start to see this short term dump develop into a higher time frame move and potentially new macro lows. Clearly, as I’ve been talking about for weeks, the weekly resistance between $65.7k-$66k has been unbelievably well respected.
Keep a very close eye on these levels as we head into the week AND as we get the major FOMC meeting news in the coming days!
