Bitcoin is not far from crashing!

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Bitcoin bulls are under significant pressure today as the price tests the lower boundary of a 50-day range. Since November 21st, Bitcoin has formed a major head-and-shoulders pattern, indicating that a break below 91,281 could result in an 18% decline, bringing the price down to 74.16k. While such a drop would be significant, it seems unlikely given the broader bullish trend and strong fundamentals, though it cannot be ruled out entirely.

From a trading perspective, here are a few strategies to consider:

1. Short on a Break: Short Bitcoin if it breaks below 91.28k, targeting levels around 86k or 84k instead of 74k, as buyers may step in at those lower levels.
2. Buy the Dip: Consider buying near 86k, as it serves as a support level, and traders often capitalize on sharp dips of this magnitude.
3. Buy Now with Caution: Enter a long position at the current support level, though caution is warranted as the market may attempt to run stops below 91.28k.

Traders should remain vigilant, as the price action around 91.28k will likely dictate the next significant move.