I don't think it's a given that BTC must bounce here just because there was so much leverage wiped out.
This formation on my chart could be something called a "type one reset" (red and green lines) and the moral of the story is, it could be signalling further downside to come.
We have a huge liquidation around $82,790 - if we take that and bounce, that will be this weeks false move week beginning and we would likely head up from there (to the upper yellow lines). If we take it and don't bounce, it's possible we see 70-75k this week.
Oh finally, the other scenario is, we just break out of the weekend box to the upside and continue the trend without a false move - this would be best case scenario.
Still long term bullish, just looking for proof of bottoming out. $BTC
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