Bitcoin analysis update

Bitcoin is now near the downward trend line after the  83,000 Resistance defeat. This level is a key resistance that can determine the next trend. If the price in this range is pressured by sales, the likelihood of a downward correction increases. But if this level fails, the path will be opened for further growth.

If the price weakens in dealing with the downward trend line and the sales pressure increases, there is a possibility of price correction to lower ranges. Important support along the way will include 79,000 and 73,000.

Entry point: if you see a negative reaction and stabilization below the downward trend line

Loss limit: close the Kindle above the resistance of 85,500

Objectives: the first target is 79,000 and the second target is  73,000.

If the trend line fails and its high price stabilizes, the likelihood of growth increases to higher resistance. The next resistance levels will include 91,000 and 94,500.

Entry point: after breaking and stabilizing the top of the downward trend line

Loss limit: price returns below failure level at 83,000

Objectives: the first target is 91,000 and the second target is 94,500.

The volume of transactions should not exceed 2-3% of the total capital. After entering the transaction, the loss limit must be adjusted to avoid possible losses. In shorts transactions, it is important to confirm the weakness of the process, and in long transactions, to stabilize the failure of the resistance. When partial targets are reached, part of the profit is saved and the loss limit is transferred to the entry point.

Given the current position, the priority of the analysis is with a downward scenario, since the price remains in the resistance range and there is a possibility of a negative reaction. If this resistance fails, the ascending scenario will be activated