Bitcoin has the potential to test the $86,200 level
2024-11-18

Bitcoin has entered a trading range as anticipated in our previous analysis, and is currently trading within this range. Given the large volume that has entered near the upper end of the range and around the resistance level at $92,920, we expect Bitcoin to move towards the dynamic support level and test the static support at $89,500 again, which coincides with the lower bound of the trading range.

In the event of a breakdown below these levels, Bitcoin could potentially lose this support zone, which may lead to a corrective move towards the next support area at $86,200. This is currently our final support level in this corrective phase.

In an alternative scenario, it’s possible that Bitcoin could first accumulate liquidity above the resistance at $92,200 before attempting a breakdown of the support levels. This could be followed by a spike candle to test lower support levels. If Bitcoin corrects to $86,200, we will need to closely observe how the market reacts to this level for further decisions.

Additionally, if Bitcoin breaks above the $92,200 level and sustains prices above it, we could see a move toward the red zones marked on the chart.

As always, make sure to use **stop-loss orders** in all of your trades, as Bitcoin is currently in a sensitive market phase and could experience significant volatility.