Bitcoin: Long Setup at $75,000 After $79,000 Rejection

Bitcoin faces a clear rejection at $79,000 and has corrected toward the lows, setting up an obvious long at $75,000 according to Michaël van de Poppe. The trader notes that midterm election day could mark the bottom in a classic sell-the-rumor buy-the-news reversal.

Price sits at $76,662.37 inside the Bollinger Bands with the lower support at $76,531.4. The EMA50 at $78,678.62 and EMA200 at $80,931.78 act as stacked resistance overhead while the MACD death cross at -535.52 keeps the 4-hour structure bearish. RSI at 34.53 remains neutral, leaving room for a bounce off the lower band before any test of the EMA50 confluence zone.