$BTC Heading to $70K: Key Confluences Confirm the Drop ๐
$BTC is showing clear signs of a move down to \$70K, and the technical confluences support this bearish outlook. Let's break it down step by step.
1. Equal Highs on Top โซโซ
Bitcoin recently formed equal highs at the top, indicating that price failed to break above resistance. This suggests strong selling pressure, making it difficult for buyers to push higher.
2. Daily Trendline Broken โ๏ธ๐
A key trendline on the daily timeframe has been broken, which signals that bullish momentum has weakened. When a trendline like this is broken, it often leads to further downside movement.
3. Recent Support Broken with Momentum ๐จโ
Bitcoin lost a major support level, and it wasn't just a small drop, it broke with strong momentum. This confirms that sellers are in control and price is likely to continue downward.
4. Final Retest Has Been Made ๐๐ง
After breaking the key support level, Bitcoin made a final retest of that area. This is a classic move in price action where old support turns into new resistance. Since buyers failed to reclaim that level, it's another sign of further downside.
5. All Essential Liquidity Has Been Taken ๐งโ
Liquidity from key levels has already been grabbed, meaning there's no reason for price to push higher again. When liquidity is taken, price typically moves in the opposite direction, which in this case means a drop.
Whatโs Next? ๐ค
Now that all these confluences align, Bitcoin is set to continue its journey down to $70K, the next major support zone. Unless buyers step in with strong demand, thereโs little stopping it from reaching that level soon.
โ ๏ธ Traders should stay cautious and watch price action closely as Bitcoin approaches this key area.
