Current price: 83000
Key point: 84000
Our preferred strategy: Buy positions above 84,000 with a first target of 80,000 and then a second target of 70,000.
Alternative scenario: Stop loss and trend reversal upon breaking the 84500 level, targeting the 86000 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 the peak last October.
With the pivotal support level of 84,000 broken downwards, Bitcoin is expected to continue its decline to reach the 80,000 level and then the 70,000 level.
