Current price: 92000
Key point: 88000
Our preferred strategy: Buy positions above 88,000 with a first target of 100,000 and then a second target of 112,000.
Alternative scenario: Stop loss and trend reversal upon breaking the 85,000 level, targeting the 73,000 level.
Technical commentary
Bitcoin is moving in a downward direction below the 200 moving average on the four-hour timeframe, but it managed to rise from the support levels of 80600 while breaking through the resistance levels of 88600.
If the 92,000 level is broken along with the downtrend line from last month's peak, Bitcoin will then rise to the 100,000 level and then the 112,000 level.
