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Bitcoin (CRYPTO: BTC) has dipped below $73,000 but is setting up for a short-term bounce says prominent analyst Trader Mayne, who sees the larger move as a countertrend rally before a deeper cycle low later this year.
Bitcoin Setup: Bounce Incoming?
In his Saturday livestream titled “Crypto Is Bleeding,” Mayne said Bitcoin failed to confirm his prior bullish setup because it never delivered the market structure break he needed for execution. That kept him from chasing the latest bounce attempt.
Mayne said Bitcoin is now near an area where a bounce makes sense, but he wants confirmation before taking the long side.
Still, Bitcoin needs to reclaim last year’s low and break its short-term downtrend first
He laid out three possible setups for a …
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