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#BTC Quick Update
I was away from the markets during Thanksgiving bc I thought it would be quiet and it actually was.
Now the US is back with a dump.
Things to note here:
It is a rejection from an important AVWAP, the one that started the downtrend from 106k.
The move currently looks like a re-test of the breakout from 88k. It is an important S/R zone and as long as BTC stays above the EQ of the move, it is fine.
Hence, I would expect BTC to bounce here or at 86.5-87k.
If it goes below 85k for the liquidity, it breaks the ascending structure and I would not like to see that. If it only wicks below 85k with a quick bounce, it would still be fine but the best option is a bounce higher. If it stays below the EQ for an extended time, we can expect lower and exit our long positions.
If BTC flips 92k into support, it will target 98k, 100k and 103k. Until then, it will be choppy. For a sustainable move we need a breakout above 92k.