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Hello and welcome to another article. In this article, I'll be doing a price action analysis on BTCUSD.

Let's take a look at what happened with price.

BTC tried to break out of the cursed range (the big green dildo), but got rejected at 12k and started its journey down. It failed to have the range high act as support, and consequently broke down to the range EQ.

Price is currently being supported by a weekly level (the red line), and the RSI shoes signs of possible selling exhaustion.

There is also a hidden bearish divergence on the D1 and D3 charts. Overall, Bitcoin looks to test the 10.5k level as support very soon.

Let us look at a few scenarios, and how to tackle them.

Scenario 1: Price flips DO (yellow line) and then proceeds to flip the range high. We would be cautious to long the flip of the DO, but would happily long a flip of the range high. If BTC does this, 15k seems very likely.

Scenario 2: BTC fails to have the range low act as support. In that case, we happily short BTC down to 10.5k levels, where I would personally be longing my life's savings if we get there.

There is hardly a bullish case for BTC here, and it seems the whales have one-upped us once again. Lots of heavy selling pressure on Binance and BitMex, and the daily RSI looks to have a lot of room to run downwards.

On the H4, it is likely we would have some rest from selling today, but keep in mind that high timeframes dominate the lower ones.

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