#BTC Update

BTC got a nice little run in the first week of the new year, however, as of now, failed to re-claim the AVWAP from 116k which is currently at 93.9k. Today it bounced from the golden pocket of the range and from just above the Monday Range extension, however it is heading down again.

If 90.8k is lost, it can go down to 89k (AVWAP from the local low at 80xxx), or to the next golden pocket at 88k. I would not expect BTC to lose 86k as support on the daily - bc the 100W SMA is currently the main support.

Monday Range levels are almost in line with the higher range values. Therefore, 89.4k - the Monday Range invalidation and 89.5k - the EQ of the range is another level for support.

89.5k is also important before it is the VAL of the range since the Nov '24 breakout.

We can see the same levels on the liquidation heatmap. The weekly liquidity is roughly at 89k, 88k and 87k.

After tapping 90.7k or 89-89.5k, Bitcoin will likely head up and flip 93.8k into support. Then, 96k and 99k will be the next targets. If there is a bullish catalyst, it can go up before sweeping the liquidity however that is not a valuable trade idea.

I will either go long at 90.7k or 89.5k, or for the more bullish scenario wait for a bullish re-test of 93.8k after a breakout to enter a position.