As I’ve been talking about for the past few days now, $65k is an EXTREMELY strong level of resistance that price has clearly been struggling to break through.
Now it’s clear that price is starting to reject, as we have also seen a strong bearish breakdown on the RSI, which shows that momentum is weakening heavily and the bears are starting to take control.
It’s now pretty likely, with this RSI breakdown and clear rejection from $65k, that we will continue to see this short term move lower into the $62.5k support level, likely around tomorrow’s weekly candle close.
I highly recommend keeping a close eye here. There could be some very solid short term trade setups as price action continues to develop.
