Guys, Bitcoin broke below 70k, let me share some quick thoughts!

Bitcoin is now at 69,400, it directly broke through the 70k level, overall bears are still dominant, but after such a big drop, a short-term bounce is definitely coming.

Looking at the daily chart, the trend has weakened, the moving averages are pressing down hard, and below there's strong support at 68,000. For the rebound, first see if we can stand back above 70,500, if not we'll get pushed down further.

The 4-hour is showing an obvious descending channel, don't hold too much hope for rebounds, the key is 70,500, if it breaks 68,500 again, the drop will be even faster.

The 1-hour level has dropped too much and needs recovery, short-term rebounds are needed, but you must break through 70,500 for it to count, if you can't, after bouncing it will still fall.

The major direction is still bearish, short-term small bounces can be caught, keep an eye on the 68,000 support and 70,500 resistance, those being cautious should wait for the direction to become clear before acting, don't rush in!

I'll pick 5 guys from the comments, 5U each!