Bitcoin is once again testing the $26,560 key horizontal support after getting rejected from the mid-March trend line at $27,500.
You’re very familiar with both levels if you follow me on Twitter.
The $27,500 area was our target on a long following the $26,560 reclaim on May 12th.
Bitcoin bulls failed to close BTC above $27,500 this week, which leaves me relatively bearish for now.
That said, a daily close below $26,560 is required to open up downside targets like $25,000.
That was range resistance for BTC between August 2022 and February 2023.
Although many will bid Bitcoin in the $25,000 region, looking for $30,000 or higher, I think we see the market eventually break below $25,000 after some consolidation.
My target over the next few weeks is the $23,000 region, the measured objective of the triangle shown below.
The $23,000 area is also a critical monthly area and a high-volume level based on the price action in January and February.
Of course, this is speculative as of now and open to change if warranted.
Alternatively, a daily close above $27,500 would invalidate my bearish bias and expose levels like $28,500.
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