I’ve been talking about this short term downtrend for the past few days, and each retest so far has resulted in strong rejections back into support.
Now we’re watching price retest this downtrend yet again, and so far it has struggled to break out. If we see another rejection from this point, it’s very likely Bitcoin will make another short term lower low, likely into support around $61k.
If price does break out from here, we’ll likely get a retest of the prior lower high sitting around $65k, with each previous lower high above also acting as a resistance and rejection zone.
I’d keep a close eye on this level, as there could be some good short term trade setups if we get confirmed breakout or rejection signals.
