Moving into next week and the technical landscape for Bitcoin looks pretty bearish in the short-term, with bulls failing to maintain the price above the monthly pivot point and the the former yearly low, around $89,000.
The upside failures don't look that bad currently when the declines are being bought up so sharply.
Source: Tradingview.com
The important swing low around $82,000 and the $85,000 levels will be important technical benchmark levels to watch in the coming week.
Personally, I really don't want to see Bitcoin to deeper levels under $80,000, such as $75,000 or even $70,000.
The recent emergence of a new bullish target on the weekly demark indicator of $141,000 is both a blessing and curse.
This level has suddenly appeared, indicating it as a valid breakout target. My fear is the love of the ETF crowd for 100 percent gains.
Source: Tradingview.com
I say this because ETF trades of late have screamed just this. The decline to $38,000 after the approval saw a move towards $73,000 (nearly a perfect 100 percent gain.
Consider also the summer decline to $50,000 and then Bitcoin's rapid ascent to $100,000 shortly after.
My fear is we could see a drop towards $70,000 so traders of ETF's will get their 100 percent gains locked at the new Demark target of 1$41,000.
Source: Biyond.co
Our Biyond Vanguard indicator is suitably bearish this week, so more downside is expected based on this.
Biyond Atlas has started to turn lower finally, implying that bearish momentum is fading and on-chain factors don't justify continued declines.
Previous major lows have indeed formed when Atlas is moving lower, so we can't say that major low has formed.
Source: Biyond.co
More likely the snap back to higher levels will be greater and faster if the price declines this week alongside Biyond Atlas.
Overall, I am far from bearish but fear some severe stop hunts could happen if we cross under $82,000.
The bullish point of control for me gets good above $92,000, but at the moment we need a catalyst for that, so lower for longer seems the play next week without that catalyst.
