Bitcoin's Bull Case Breaks Under $79,700. Here's the Line

On Bitcoin

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Views

• Next weeks (next 2–6 weeks): Leans up (timeframe is our reading): if this is going to play out in the short term, then absolutely do expect Bitcoin has found its low for this current consolidation at last week's low, which is 79,700. ▶ 00:03

If this, then that

• If a breakdown below last week's low (79,700), then 76–77k (next days): because yes, if you do see a breakdown below last week's low, you know, it's hard not to argue that this thing will go for the gap, which is more or less 76,000 to 77,000 bucks for Bitcoin spot. ▶ 00:43

Levels named

• 79.7k: Their view is wrong past this (last week's low marks the low of the current consolidation; closes below invalidate the bounce setup): We just don't want to see closures below that level, as that would invalidate the 10-day time frame bounce setup, basically ▶ 00:19
• 76–77k: Support (gap to be filled, possible next higher low): probably towards 76,000 to 77,000 bucks, and you know, I'd be looking for potentially next higher low right there. ▶ 00:34

Their own position: Not said.