Key support/resistance for Bitcoin: 68.5k, and 66.5k are the main support. 68.5k is likely to be broken in the next few days. However the real support is 66.5k. If this support is broken, there are massive long liquidations.
Conversely, the resistance keypoint is 72k. From 70.5k to 72k, there are short liquidations stacked. However after 72k there is no more liquidity, meaning BTC needs to have real cash inflow to pump from here. It's likely that BTC will not exceed 72k if a major pump does happen.
Overall liquidations favor shorts. In the 1 Day timeframe however, a lot of longs got wiped by the flash dump which occured a few hours ago, sending BTC from 70k to 68.6k.
Since daily market volume is very low, it is unclear how the intraday market trend will play out.
The reason for low volume is probably due to many uncertainities that can adversely affect the market.
Most prominent examples are: Mt. Gox potential sell off, and US elections. If Mt. Gox does have to unload their BTC holdings to pay their debtors, their 200k BTC holding will be free. That's a LOT of supply. And since the market has operated as if this 200k did not exist the last 5 years, it will be absolutely shocking.
Even if they don't unload, the potential threat of the slight possibility that they might actually do it is enough to hold back the market. Which is why everyone is holding their cards, and market has no volume.
To be honest, most of these price fluctuations we've seen the last week is just margin of error.
