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BTC hits the 65,000 support level and then retraces 📉
Is it going to fall to 50,000 or rebound strongly? Hello, my friends. After going to Hong Kong last week to meet with some institutions and then coming back to review for a week, I haven't made any updates in the past ten days. It seems that during this period, we already described the market in detail in the video I recorded before going to Hong Kong, and we followed the points we mentioned exactly. For example, we said that a new retracement would start around 76,000, and now the price has fallen all the way down to 65,000. That's a total profit potential of 11,000 points. After falling to 65,000, if you look closely at my video, I indicated that 65,000 is the second support level. Currently, based on this second support at 65,000, Bitcoin has experienced a rebound.
As of now, since I posted this, Bitcoin rebounded from 65,000 but then dropped again from 69,000 to 65,700. Now, after bouncing back from 65,700, we see a large bullish candle. This strong rebound indicates that the support at 65,000 is quite effective. As you all know, my judgment is that Bitcoin will continue to decline in the long term, reaching new lows, possibly falling back to 50,000, and breaking below the previous low of 59,800.
Currently, we are looking at long positions around the second support level near 65,000. This is just a weak rebound, possibly reaching around 71,000. If the price breaks through the resistance at 71,000~72,000, it could continue upward past 76,000. But the prerequisite is breaking through 71,000~72,000. If it doesn't break 71,000~72,000, then the long position at 65,000 should be viewed as a weak rebound, with a profit potential of about 3,000~5,000 points.