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$BTC – I’m not liking the current low-timeframe structure, as the price has once again failed to break above the 1D Bull Market Support Band, a level that’s consistently acted as a strong reversal spot in recent months.
The rejection there, combined with the breakdown below the high-timeframe support range aligning with the November–December 2024 highs, shows clear short-term weakness.
Going forward, I believe the most likely outcome is further consolidation over the next few days. Until one of the key ranges breaks, either the high-timeframe support marked in purple or the support band above, I think the best approach is to stay cautious and patient.
If the price breaks below the purple support range, I’d look to hedge part of my spot holdings to mitigate short-term downside risk, as that would likely open the door for a deeper pullback on the low-timeframes.