Technical Analysis and Outlook:
Bitcoin has launched a notable upward move from the Mean Support of $83,500 in last week's trading session, retesting the Key Resistance level at $81,700 and completed Inner Coin Rally at $86,800. An intense retracement from these vital targets was observed as a Jumping-Jack pattern emerged.
Currently, the price action indicates a potential breakdown from the Mean Support at $83,500 to revisit the Mean Support at $81,200, with a strong possibility of going lower, with the main objective being a retest of Key Support at $75,600 and the completed Intermediate Inner Coin Dip at $74,900.
However, traders and investors should exercise caution. Once the price stabilizes within the Jumping-Jack area, it may trigger a noticeable rise to bang on the completed Inner Coin Rally $86,800 once again via the Key Resistance $86,600, with a strong focus on the next Inner Coin Rally $91,400. A severe retracement is expected after this achievement.
