Bitcoin analysis update

Bitcoin is on a downward channel, and with key support failing, the likelihood of further correction has increased to The  73,000 range. The price failed to exceed the resistance level of 83,258,and now the downward trend in short-term timeframes continues. The first significant support falls within the  79,588 range, which, if lost, would be a correction of up to  73,000 likely.

The downside scenario is activated. Important support levels include  79,588 as first support and 73,000 as second support. The proposed position includes entering the shorts transaction in the range of  82,300 to  83,000 in the case of polbeck, a loss limit above  83,258, and bearish targets of  79,588 as the first target and 73,000 as the second target.

However, if bitcoin can recover  83,258 and stabilize above the downward trend,the trend will change and an upward momentum can be expected. The changing conditions include the failure and high consolidation of the downward trend line,the price crossing the  83,258 range and the increase in the volume of transactions in the resistance zone.

As long as bitcoin remains below the downward trend and the range of 83,258, it will be downward trend and price correction up to 73,000 is possible, but if the price can break this range and stabilize above the Trendline,there will be a possibility of changing trends and moving towards 85,000 and above.