Bitcoin Technical Analysis $BTC
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. Price has developed in a bear flag for the past 2 weeks, indicating potential further
downside. We will wait and see what comes next, currently waiting to see if we can stay
above the monthly open.
3. My main scenarios for this week:
1) Look for price to break the $88000 level. Look for a continued push to the
$89500, $90600, and $92400 levels.
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 $82000 level, this would bring us invalidation
for the recent consolidation and a breakdown of the bear flag. A breakdown of
$82000 could lead to a move down to supports at $80500, $78800, and $75600.
Forming lows at either of these levels would lead to a strong bounce.