BTCUSD.P
has been on a bearish market structure since the 31k high on 14th of April. For more upside, Bitcoin needs to reclaim the 28k Value Area. A glimmer of hope is seen at the following setup.
- Local S/R level.
- Golden pocket, off of the local HTF pivot points.
- Possible SFP of the range low.
- Possible TP level at the reclaim of the 28k Value Area Low.
If Bitcoin loses the 26.5k support we're looking at more downside, with the next support at approximately 25k.