After a flash crash of more then 25%, the market recoverd back but again another storm hit the market and now bitcoin is down to $106K. This level is known as one of the strongest support levels. I am remember when Bitcoin was at upward momentum and the price reached the level of $106K, it says here for about a month.
Tried many times to break this level and atlast after a very struggle, breakdown happens and Bitcoin makes another all time high. Right now, the is is the level where it is again testing. We have two scenario either a breakout towards upside or towards downside.
For today, This range level will be kept and BTC will wover at this range providing a good trading opportunity. Mostly weekends are the days when market is non volatile and remains at the range level. For today, the price will be at support level but tomorrow which is the start of the week days a good movement is seen.
Right now, Bitcoin is holding at the strongest support level and we see multiple rejections which is a good sign. In case, if bitcoin will successfully hold this level then our next target be again $110K-$112K. These ranges could possibly bring strong altcoin moves and we may see the alts going upside.
But in second case, if the price does not hold the support level, the price may go down to reach the level of $100K and then $90K. Why 90K, because here is a FVG gap to be filled. This gap has not filled yet and there is also a possibility to fill the gap within one month.
But more chance, I am seeing is that Bitcoin will hold this level and we may see it at $112K within next week. We have also another FED news coming which is in favor of market.
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