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So BTCUSD made a new all-time high this week, coming up to touch the 67,170 level. Since then, we have seen a drop back down to 61,750 and currently trading around the 62,700 level.
Right now, I am planning to open a long position around the daily open at 62,200. If it continues to drop from this level, I am looking to scale in around 61,400 and have a tight stop just below this level.
With a touch of 61,400 I would prefer to see a swift move back abo e 62,000. This is, in my opinion, a fundamental level to stay above to see further continuation to the upside. If we see acceptance below this level for an extended period, my bias will change to the downside.
I think the 62,000 level is vital because it stands out as the value area high for a period since March 12th, 2020. If we get acceptance below this level, the point of control for the same period should be the next significant level of support, located around the 57,600 level.
If bitcoin does start to move up, I expect to see a bit of resistance at the 66,00 level. Once broken, I would look for this level as essential support and a solid place to scale in, should we see a retest.
As long as we stay above 62,000 I am looking for upside and a possible new ATH. Acceptance down below 62,00 is a bearish indication, in my opinion.