Everyone, in the previous post we discussed two scenarios and specifically warned that Bitcoin (BTC) was weak, and that failing to hold above $80,000 would inevitably lead us to test the $75,700 area.
Today, the chart confirmed the accuracy of this forecast. The price plunged sharply and already touched $75,568. It is now trading around $76,500 (down nearly 5%).
Technical analysis isn't magic; it's a way of reading market behavior. Here's how it happened, in simple terms 👇
📉 What are we seeing on the chart right now?
1️⃣ Fear and heavy selling: On the 15-minute chart, we can see very long red candles alongside huge trading volume bars. This means there's panic in the market, and many traders have had their positions liquidated or exited out of fear of further losses.
2️⃣ The bears are in control: The price is now trading below all the colored lines (moving averages) across all time frames. As long as the price stays below these lines, selling pressure is stronger.
💡 What should beginners do now? (The most important part)
· Don't try to catch a falling knife! Don't buy just because you see the price drop. Wait for the market to stabilize and for clear signs of a genuine rebound.
· Watch key levels:
· To the downside: If the price closes below 75,500, we could target deeper levels, such as $73,000.
· To the upside (a positive sign): For things to calm down, the price needs to recover and close above $78,000.
· Protect your capital: If you're trading, don't forget to use stop-loss orders. Staying out of the market is much better than losing your money in sharp swings.
The market has no mercy for those who rush, and patience is the most important skill in trading. 🧘♂️
Tell us in the comments: Did you expect this drop? And did you stay cautious? 👇💬