Bitcoin futures are currently trading at $82,700, with bearish momentum prevailing below the Value Area Low (VAL) of $82,800. A bullish move can only occur if the price surpasses $83,650, the yesterday’s VWAP.
Potential retracement might bring Bitcoin towards the Point of Control (POC) at $83,200. Short opportunities could arise if Bitcoin reaches the $83,000–$83,500 range, though $82,800 remains a critical reference level.
Key Bearish Targets
For bearish traders, key profit-taking targets include $82,430, $81,800, and $79,230. If Bitcoin breaks above $83,650, bullish targets include $84,000 and $85,570.
Utilise tradeCompass to aid in decision-making, and always consider individual risk when trading.
The numbers presented indicate a market that is struggling to maintain upward momentum, with sellers retaining control below $82,800. The prevailing trend suggests attempts to reclaim lost ground may encounter difficulties unless resistance at $83,650 is decisively cleared. The presence of short opportunities between $83,000 and $83,500 reinforces the idea that sellers are likely positioned in that range.
Retracement towards $83,200 would not be surprising given that it represents the highest volume-traded price from prior sessions. Failing to push higher from that region increases the likelihood of further deterioration, leading to a test of lower support levels. Should the price remain suppressed, exits at $82,430, $81,800, and further down at $79,230 appear logical.
Potential Bullish Breakout
A shift above $83,650, however, forces a reassessment. A move beyond that threshold exposes $84,000, and if sustained, creates a path towards $85,570. Those watching for potential long entries may require patience, as broader market sentiment does not currently favour extended upsides.
Decision-making remains tied to discipline and adherence to personal strategies. Tools like tradeCompass assist in navigating the fluctuations, though independent evaluation of risk always takes precedence.
