Bitcoin bearish scenario:
Monday’s slip through the April to August uptrend line at $116,864.00 is short-term bearish.
A fall through the 55-day simple moving average (SMA) at $114,985.24 may put the key May peak-to-early August low support area at $111,982.45 to $111,965.80 on the map.
Further potential support can be found at the $110,617.03 June peak.
Bitcoin bullish scenario:
If Bitcoin were to hold around the 55-day simple moving average (SMA) at $114,985.24 and then rise above Sunday’s $118,624.45 high, another up leg may take it towards the mid-to-late-July highs at $119,815.35 to $121,012.09. These levels are likely to act as resistance, though.
If not, the July peak at $123,181.77 and also the current August record high at $124,277.50 may be back in the frame.