There are a few reasons why I'm currently going long with Bitcoin.
1. It recently had a big dump that rekt a lot of longs.
2. Now you get a lot more shorters (also bottom shorters)
3. We hit 2 daily levels as well at 8420.5 & 8357
4. After killer wicks that go both ways Bitcoin usually goes back to the mean.
These 4 reasons are why I think we will see at least 8.6k+
We are currently breaking down from the triangle and horizontal support lines.
Depending on how this 4 Hourly closes we might see a breakdown towards new liquidity around 8.2-8.4k.
What could save us is a chad candle back into the triangle and above support lines. Closing below 8603 will mean bearish for me now.
In my opinion we could see a retest of 8.3k (weekly level) before Bitcoin decides whether to go up or down. If we go down, I fully expect the price to go to around 7.7-7.8k. If we go upwards we could see as high as 9.6k
BTC is likely to retest the 3.6k area before we see 4.3k again.
If 3.6k fails to hold then we might see a drop towards the 3k area.
I believe this area will cause a strong bounce back into the upper range.