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Building on yesterday's post: BTC broke below 68,200, indicating not to add to positions, the structure has turned bearish, abandoning the bullish outlook. The reference range for the short position provided in yesterday's comment section did not experience a rebound or correction, and it was also clearly mentioned to watch out for the larger timeframe still being in a downtrend, with prices dropping all the way to the 65,500 level at 2 a.m.
So today, based on the 4-hour chart: sideways to bearish decline, price broke through all recent key support levels, remaining within a short-term downtrend channel, with the market showing signs of weak rebounds.
Support levels from near to far:
First support 65,500-66,000 (today’s low, short-term psychological level)
Strong support 63,500-64,500 (previous Fibonacci 0.5 support)
Extreme support 61,000-62,000 (medium-term strong support zone)
Resistance levels from near to far:
First resistance 67,500-68,000 (recent support turned resistance after breakdown)
Strong resistance 69,000-69,500 (upper boundary of the 4-hour downtrend channel, dense trading zone)
Key watershed 70,500-71,000 (medium-term bullish/bearish turning point)
Volume has increased during declines and decreased during rebounds, indicating that the bears currently hold the advantage. Without clear reversal signals, do not blindly bottom fish.
【Note】: This analysis is for technical review only and does not constitute any investment advice. Please be aware of the risks.