Opinion $BTC
1. Change of Character (ChoCh)
The price had been oscillating in a sideways range between $88,000 and $90,000. However, the long red candle (marubozu or of great momentum) strongly broke the previous support, indicating a loss of control by the buyers.
2. Temporary "Bottom" Formation
Reaction Zone: The price encountered aggressive resistance near $81,000 - $82,000.
Lower Wicks: These thin lines at the bottom of the red candles indicate that there was a quick influx of buyers (panic buying or execution of limit orders) that "pushed" the price back towards $84,000.
3. Technical Outlook
At this moment, the structure is bearish in the short term. For the outlook to change, the price should:
Consolidate: Stay above $82,000 without creating new lows.
Bounce: Attempt to test the area of $86,000 (which was previously support and will now act as resistance).