Chart of the day

Where do we stand fundamentally?

Bitcoin experienced a notable price drop of about 4% following a glitch on TradingView. The glitch momentarily displayed Bitcoin's market dominance at zero, causing confusion and panic among traders. This incident has sparked discussions about Bitcoin's stability and perception in the market.

Bitcoin is rejected from a strong resistance of 110000. My KNOWPO trading system indicates a good low-risk short trade here, as I expect a reversal downside to gain traction. The medium-term target should be 74000.

A break above 110000 will invalidate the downside reversal and lead to a higher extension. A break below 92000 will accelerate the downside reversal.

_{You can take a short trade entry with a stop loss above 108000 to target 73000.}