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Today’s report will include:

The recent local top of Bitcoin was established at an area of technical resistance, it is now trading under a major Point of Control resistance with a lower support level being the current objective.

Points to consider,

Bitcoin’s Point of Control resistance has technical confluence with the .618 Fibonacci and the channel high resistance. Rejecting from this region will signify continued weakness in the local price action.

The Channel low support will be the next logical target, price action has a Daily S/R support in confluence at $92,025 alongside the Value Area Low. The probability of this region being tested is high as long as price remains below the current Point of Control resistance.

A short trade is valid around these regions; however, there needs to be a clear entry trigger for execution. Clear strength will be on a close above the Point of Control; this will invalidate the short bias.

Hope this analysis helps.

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Bitcoin Insider bouncing back to work, See you in the next one! 👊