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Bitcoin Intraday View. Good start of the month and given it can hold strong here should see a continuation higher in the next days. Start of the months tends to give directional moves. So far the probabilities are skewed to the upside. So from a trading perspective if it clears the highs there's not much resistance till 72k which is inline with the liquidation levels on 2w. Could see a shallow dip around 70k as people may automatically sell round number. If it rolls over from here there are gaps below easy to fill but still 65-66k seem to be strong support. High Timeframe remains just chop with bearish leading, which is important to keep in mind as any upside moves are most likely to be slow grind higher rather than any strong impulsive unless driven by some catalyst.

What's next for Bitcoin ? There are two main path we see Bitcoin taking next. Technically three but the 3th doesn't offer any real trading opportunity so will be mentioned only at the end of this post. The two paths start the same by going with a retest of the range of low, 60k. This retest is very likely given the overall direction from a high timeframe perspective is down and zooming in we just failed to break to the upside of the current range multiple times so a retest of the lower bound is what should happen in theory. From there (60k) we either hold it or next move goes to the low 50s. Why ? Currently we're trading inside the summer 2024 consolidation, and more precisely in the upper half with 60k being fairly the middle of that range. If price can't hold here there's nothing stopping it to go and retest the lower side of that range. Now the move to the 50s if it happen probably won't be as clean breakdown as it was from 80k to 60k as there is less selling pressure now. Still there is enough. Many have bet we have bottom at 60k and in the past two months have built up long position based on this bet. So if the bottom is not in and 60k break a lot of them would need to adapt and readjust their positioning and since Bitcoin and any major assets loves round numbers, for those that bet 60k is the bottom, if they are wrong 50k will be their next logical bet, given the current information we have. In addition we will probably see some chop around the 60k itself as many will try to defend it if we fall below it. So in terms of investing plan is very simple. 1. Start DCA in the 50s 2. Long the failed breakdown of 60k. Before that there's nothing interesting. The 3th path mentioned at the beginning would simply be that Bitcoin founds support before 60-63k and keeps doing what has been doing for the past two months. Chop, chop , chop.