BTC · 1H · DOWNTREND
Price rolled over hard from the 65,400 area on August 10-11 and has been printing lower highs and lower lows ever since, now sitting at 63,117 — right at the lows of a multi-week consolidation band that previously held in late July around 62,800–63,000. That zone is the last meaningful support before price opens up the 60,200 area and the liquidation clusters stacked below 60k. The recent sell-off has been accelerating with momentum, not grinding — I'm reading this as distribution completing, not a healthy pullback within an uptrend. My bias is short, and I'm not interested in fading the move here.
SHORT SCENARIO
Confirmation
62,800
Closing below 62,800 on the 1H confirms bearish continuation — that breaks the late-July lows and removes the last structural floor on this timeframe.
Invalidation
64,200
Structure negated on a close back above 64,200, which reclaims the prior breakdown zone and puts a higher low in place.
Target 1
60,200
Dense liquidation cluster sitting just below the 60,400 prior swing low; that's where cascading stop-outs fuel the move and likely stall it.
Target 2
57,200
Next dense liquidation cluster below, confluent with the August 3–5 capitulation lows and the 57,191 liquidation band.
Risk/Reward
(62,800 − 60,200) / (64,200 − 62,800) = 2,600 / 1,400 ≈ 1.9:1
Resistance: 64,200 / 65,400
Support: 62,800 / 60,200
This is not financial advice. Content is AI-generated.