What is visible on #BTC 💰 at the beginning of the trading week?
Following the recent rebound, price has approached an important resistance zone.
The market is currently at a key decision point. Why is this area so important? Several strong factors are converging here at once:
• EMA-200
• EMA-50
• Weekly EMA-20
• $78,000–$79,400 resistance zone
• Key level based on Volume Profile
*️⃣ The primary scenario still remains a rejection from this area followed by a continuation of the downside move. A bullish breakout scenario is currently considered less likely. Moreover, its realization may largely depend on further geopolitical developments in the East.
Conclusion:
The key focus now is the market reaction within this zone. In an ideal scenario, a false breakout above the $78,000 level would be followed by selling pressure, creating conditions to consider short positions again.
Following the recent rebound, price has approached an important resistance zone.
The market is currently at a key decision point. Why is this area so important? Several strong factors are converging here at once:
• EMA-200
• EMA-50
• Weekly EMA-20
• $78,000–$79,400 resistance zone
• Key level based on Volume Profile
*️⃣ The primary scenario still remains a rejection from this area followed by a continuation of the downside move. A bullish breakout scenario is currently considered less likely. Moreover, its realization may largely depend on further geopolitical developments in the East.
Conclusion:
The key focus now is the market reaction within this zone. In an ideal scenario, a false breakout above the $78,000 level would be followed by selling pressure, creating conditions to consider short positions again.