BTC UPDATE
As highlighted in our several of the previous updates, bitcoin had no real support till $89K. Now that price has finally reached the weekly support, you can see a bounce here especially considering that on weekly, this is the first retest of weekly support.
But remember that the range is $89K - $85K, there can be a deeper retracement into this range, though little less likely. I do not like the fact that we have not seen any liquidation wick or such throughout this move, it has been a very sustained constant sell-off last few days and this is not a good sign. For any bottom formation here, we need to look for signs like 4H double bottom formation or such like there was one back in April this year formed at $74K resulting in a reversal. Next resistance levels are $92.5K - $93.5K and $97.5K - $98.5K. For any reversal, price would need to reclaim these levels one by one.
Please note that whenever I am using the word reversal, it only refers to a relief bounce or lower timeframe structure change, this does not change the fact that price on 1D remains in a bearish trend and is far from flipping this structure, let’s not even talk about that part.
Now, an ideal case scenario here would be price in the next few weeks after retesting this $89K - $85K range going for the $103K - $105K range where you can play a big short, the same one that we missed at $107.5K. $BTC
