Bitcoin's short-term recovery faced a key roadblock at $27k. BTC's sharp reversal from $28.2k led to a 5% after dropping to $26.8k.
BTC consolidates losses above 50% Fib level but faces an overhead hurdle at $27.2k. What’s next – a breakout or a range extension?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.short-term recovery faced a key roadblock at $27k. The king coin’s sharp reversal from $28.2k led to a 5% value loss based on a press time value of $26.8k in the early Asian session on 15 October.
But a spike in short liquidation at a 50% Fib level of $26.7k since 12 October delayed the above projection.The extended BTC price drop on 11 October left a price imbalance at $26.9k – $27.2k . The area has been a crucial short-term hurdle in the past few days. Besides, the confluence of the price imbalance area with 50-EMA and the 61.8% Fib level could entice late sellers in the area. If so, a crack below 50% Fib level could set BTC to $26.3k or the range-low area of $25k.Meanwhile, BTC’s Spot market demand improved, as shown by increasing OBV. However, the wavering buying pressure and limited capital inflows demonstrated by RSI and CMF laboring below key thresholds. It could undermine bullish efforts beyond $27.2k in the short term.
Besides, the liquidity was on the upside, as shown by the liquidation profile . The key liquidity levels were at $26.9k, $27.2k, $27.8k, and $27.98k . However, the $27.2k level was of interest because of its confluence with 50-EMA, 61.8% Fib level and liquidation level. So, BTC’s short-term recovery could face headwinds around $27k.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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