Current price: 88000
Key point: 85000
Our preferred strategy: Buy positions above 85,000 with a first target of 95,000 and then a second target of 100,000.
Alternative scenario: Stop loss and trend reversal upon breaking the 83,000 level, targeting the 75,000 level.
Technical commentary
Bitcoin is moving in a downtrend, below the 200-period moving average on the four-hour timeframe and below a descending trendline from last October's peak.
It reached the pivotal support levels of 83000-85000, forming a SHARK harmonic pattern with an 88% Fibonacci retracement.
If the pivotal resistance level of 90,000 is breached, the price will then head towards the 95,000 level and then the 100,000 level.
