"Last week, we identified the $84,000 area as the next major support for bitcoin, and that's exactly where the price went. Bitcoin dropped to nearly $80,000 but managed to climb back above $84,000 support to close the week out at $86,850. Heading into this week, look for bears to let off the gas pedal a little bit as they sit comfortably in control of the price action."
"Key Support and Resistance Levels Now $84,000 Support held on the weekly close, so this is the level bulls will want to remain above into this week's close. If $84,000 is lost, bulls look to $75,000, which likely won't be too strong of a support level, and below there we've got a high volume support zone between $72,000 and $69,000. It's difficult to see the price pushing below $70,000 too quickly, so expect some bounces from this area, even if it eventually fails to hold."
"Bulls will look to take on the $91,400 resistance level at the 0.236 Fibonacci retracement first and foremost. Above here, we should see strong resistance at $94,000 now at the high volume node. If price can manage to grind through this zone, $98,000 sits above it as a final barrier to establish this high-volume node as support. If this occurs, there are still resistance levels at $103,000 and another at $109,000 at the 0.618 Fibonacci retracement."
Bitcoin dropped to nearly $80,000, rebounded above the $84,000 support and closed the week at $86,850. Daily oscillators reached heavy oversold levels, suggesting a short-term bounce into Monday or beyond. Bears currently control price action, but $84,000 must hold on the weekly close to maintain bullish prospects. If $84,000 fails, next targets are $75,000 and a high-volume support zone between $72,000 and $69,000, with $58,000 and the 0.618 Fibonacci at $57,700 below that. Bulls face resistance at $91,400 (0.236 Fib), strong resistance at $94,000, then $98,000, $103,000, $109,000 (0.618 Fib) and $116,500.
Read at Bitcoin Magazine
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