This update is going to be pretty straightforward because nothing much has changed, so I will try to keep it short and straightforward so you guys can easily understand what’s going on, what I’m expecting from the market, and how I’m planning to trade within this market chop.

Last week's recap

Before the current market update, let’s take a recap of last week and what we discussed. Last week.

We talked about if Bitcoin holds at 83k to 85k, that could potentially give us a higher low. “Potentially” means there’s no confirmation, because a higher low is only confirmed when the market then prints a higher high. So, it was just a prediction, and we discussed that if the market holds at 83k to 85k, then we could potentially target 93k and even 98k. The market did hit 93k, and then we discussed on my profile that holding 93k is important. Since it didn’t hold, the market showed weakness and got rejected from there. Anyway, now let’s talk about what’s happening in the market now, i don't want to add every single update i shared on my profile in this update, i just hope you guys are following it. so let’s begin.

BTCUSD (Weekly)

Overall weekly chart remains bearish as long as we don't reclaim $98k-100k zone on the weekly.

The current weekly picture

If we talk about the last weekly candle, not much has changed, and the price didn’t do anything significant. It broke the low of the previous week, took the high of the week, and then closed just slightly above the weekly open. So, there hasn’t been much change on the weekly chart, it’s basically been range bound.

However, the key point is that we now have two important areas to focus on $85k and $93k. This week, our focus will be on these two zones $85200 and $93160 and we’ll discuss the potential trades we can catch based on these levels.

BTCUSD (Daily)

The daily chart is also range-bound and, overall, still in a bearish trend. However, we did have some chance to shift the internal structure. As I discussed last week, above 93k, the internal structure would shift, but the price did close above it but was quickly pushed back inside 93k. That means $93k remained a key zone to break.

Trade Plan?

There is no trade on the table right now its a wait game in my opinion.

Like i said the focus will be on the $93k high and $85k low. If price manage to break above $93160 and hold above it. We will likely see a move into $98k.

Bearish continuation

We are more closer to $93k than $85k but since its the weekly update so i have to give you this scenario.

If price breaks below $85k and holds, that will likely send Bitcoin back to $80k low.

This is it for this week's update. Nothing much has changed. Overall, we are still bearish on the higher timeframes and currently range-bound.