$BTC
⭐Bitcoin Technical Analysis
1. Price broke down from the yearly open and has been seeing a wide range since then.
Bouncing from 80k to the yearly open last week, then correcting to 80k again. No idea if
we continue the range or break down from 80k.
2. We’d want a reclaim of the monthly open to confirm the range idea. Below 80k will
continue flushing into the 70k area.
3. My main scenarios for this week:
1) Look for price to break the monthly open at the $84600 level. Look for a
continued push to the $86500, $88300, and $92400 levels. This will continue
ranging through last week’s range.
Anything below the yearly open at $93500 will continue seeing this large range, a
reclaim there could allow us to go back towards $100k.
2) Look for a strong breakdown at the $80000 level, this would bring us invalidation
for the recent lows and a move into prices last seen in November. A breakdown of
$80000 could lead to a move down to supports at $77700, $75800, and $73600.
Forming lows at either of these levels would lead to a strong bounce.
3) I will be updating the charts and scenarios through the daily watchlists