The analyst discusses a scenario where Bitcoin takes out range lows and hits a support area at $111000, then reverses upwards. The most bullish scenario involves a drop before reaching a resistance area at $118000, increasing the chances of a strong bounce. Last week, a long position was opened at the first support level of $114700, resulting in profits. After losing the support level, the analyst waited for $111000. He notes the area got front-run, but strong bounce upside, and a short position was shared above the daily open which resulted in take profit. Currently the area of retest is the 111000 level where three hourly imbalances exist. If they bounce there and then reject the upper trendline is the short position is more than likely.