As the title suggests, Bitcoin is on a critical short term path. The 9600 - 10000 zone will decide whether the price will rise to 12000 or extend the decline to 8500.
The 1D Channel Down is dictating the direction and a break to 12000 will be a new Lower High and is possible as the fractals are so far very similar.
However, since the 11000 - 11100 4H Resistance rejected the upside last week, we have an equally strong probability to extend the decline to a new Lower Low within the 1D Channel Down near 8500.
This is only the short term picture as long term BTC is heavily bullish having entered this year the new Bull Cycle.
Note that the 2nd scenario (decline towards 8500) matches the bias suggested by this comparison (June/ July 2019 against December/ January, February 2018) below:
rather than 9600, 9800 is more important level we need to protect coz its fib236 in daily chart and fib618 in 3days chart, maybe the dump will be much lower, check it out here
TradingShot
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@Husain_Zabir, Very interesting chart, thanks for posting.
cryptohopper
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The Bitcoin price is approaching S1 at $9,300. This is the lowest point reached since BTC reached $14,000 some weeks ago:
TradingShot
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@cryptohopper, Yes we all agree, it is a big support.
stell_s1
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When BTC goes up it is super bullish, when goes down it is super bearish. So far the bearish is not yet in full madness. I expect big drop soon.
TradingShot
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@stell_s1, It all comes down to the 9000 support in my opinion.
Sirilou2
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And why would it stop at 8K?
TradingShot
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@Sirilou2, I state this probability on the body text.
MarxBabu
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surely immediate target will be above 10k. your analysis is good.