The BTC rate is persistently testing the EMA of the 50 day TF, which is now around the volume level of $67,088. Also in this area - a local downward trend since May 21 (indicated by a dotted line) and a global upward trend from December 5, 2023 (indicated by a dotted line). All together this is a pool of support, but so far there is no confidence that it will survive.
After yesterday's failed breakout of the downtrend from the ATH on March 14, this squeeze doesn't look good for the bulls. Especially against the backdrop of how yesterday's daily candle closed.
The bulls held $67,088 yesterday but failed to get back above $69,000. The resistance at the end of the day was the volume level of $68,232 and now this is the nearest important resistance. If the specified pool of supports fails, we may see an impulse decline to the volume level of $65,892. With the withdrawal of liquidity not only behind the level on June 11, but also behind the level on May 19. There you will need to look at the reaction of buyers and sellers.
For now, the downward structure on the daily TF remains. And so far he promises a reversal only on June 15-16, that is, for the weekend. During a period of increased manipulativeness. At the same time, we can also see a scenario where June 15-16 will still be days of decline, and the rebound will begin on Monday. And already there it will be necessary to evaluate his strength and potential to go into a reversal.
$BTC
