Current price: 77600
Key point: 78000
Our preferred strategy: Sell positions below 78,000 with a first target of 75,000 and then a second target of 70,000.
Alternative scenario: Stop loss and trend reversal upon breaking the 79,000 level, targeting the 82,000 level.
Technical commentary
After Bitcoin reached levels of 82850, it returned and fell, breaking the pivotal support levels of 78750-77650. If it remains below these levels and forms a lower low, Bitcoin will then head towards levels of 75000 and then levels of 70000.
