Bitcoin just slightly broke below the lower Bollinger Band on the 1-hour chart and touched the 20-period MA on the 4-hour chart. If the uptrend continues, we expect the decline to stall at this level, with today’s daily candle closing above the daily 20-period MA while forming a long lower wick. Alternatively, if today’s close fully engulfs yesterday’s bullish candle—a strong reversal pattern—the likelihood of retesting the 70,000 level becomes very high. So, you can wait for today’s close to make your decision. If you’re prepared to accept a stop-loss, the current level offers a favorable risk-reward ratio for a long position targeting a rebound.
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