"Last week saw prices reject once again from the $94,000 resistance level. The bulls were not able to gain any momentum whatsoever as the price bled down into Sunday to close at $88,170. This week, the bears will look to break the $84,000 support level and take the price into the low $70,000 range. The bulls will desperately try to hold onto this $84,000 level as support, but it may not be able to survive another test."
"With the $84,000 support level again under pressure this week, the bears will look to finally drive the price down below it. There's a small chance bulls may be able to defend $85,000, but it's unlikely to hold here unless we see big buying volume step in. The $72,000 to $68,000 support zone below should be a solid floor on initial tests, so it would likely take a few weeks to break down through this level if we get there."
"Up higher, we have a blanket of resistance now from $94,000 all the way up to $118,000. If bulls can manage to finally conquer $94,000, they will look to $101,000 next, although sellers should step in strongly above $97,000. Above $101,000, it should be a slow go all the way to $107,000. Even more buying pressure would be necessary above $107,000 to push through this thick zone all the way to $118,000."
Bitcoin price rejected at $94,000 and closed last week at $88,170 as bulls failed to gain momentum. Bears are poised to target the $84,000 support level with the potential to drive price into the low $70,000 range. Bulls may attempt to defend $85,000 but require significant buying volume to succeed. The $72,000–$68,000 area should act as an initial floor, with the 0.618 Fibonacci retracement at $57,000 as deeper support. Resistance exists from $94,000 up to $118,000, with notable levels at $97,000, $101,000 and $107,000.
Read at Bitcoin Magazine
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