#BTC Update

It will be a very quick update. BTC got the bounce we were expecting and broke out of the descending channel.

Now, it will likely bounce from here or go slightly lower to 87k to sweep the liquidity and re-test the breakout.

I don't expect BTC to go further down, because if it goes lower for the liquidity at 85k, it will break the ascending market structure. If that happens, it will likely go down lower to 83k, and we don't want that right now.

The more likely scenario is a bounce here or at 87k after the re-test and a move to 90k to the confluence of the Monday Range extension with the AVWAP from the last local high at 100.3k.

Once it goes above 90k, it will go to the range between 92k and 93k, the AVWAP from the local high at 107.5k and the VAL of the range.

Both 90k and 93k are important resistance levels. Breaking above the descending trend was the first step, breaking above the AVWAP level at 90k and going back into the range above the VAL at 93k will further confirm it.

You should be cautious if BTC goes below 87k and even more cautious (and a bit bearish) if it goes below 85k however I don't expect it at this point.