As we mentioned yesterday- any retest lower and we were looking for Bitcoin to give a reaction at $100k. This happened overnight, with a quick bounce from $100.2k and a reclaim of $102.4k (Weekly Open.) BTC is facing resistance once again at $103.1k (Monday High) where we also have the 4hr downtrend running from the All Time High.
FOMC later today, so we can expect volatility. Looking for $100k to be maintained on any retests, or a break of $103.1k for a potential move towards $106.5k.
A good recovery from Bitcoin so far after testing $97.5k yesterday. Over the last couple of 4hr candles we have seen $102.5k (Weekly Open) reclaimed so we are looking for this to continue to hold as support. Just above this level we have $103k (Monday High) currently acting as resistance.
Watch for a 4hr BTC close above this and we can see a move back towards $105k-$106k. Any retest lower and we are looking for a reaction at $100k.
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Ethereum is forming an symmetrical triangle pattern on the weekly timeframe🔍
Price action is getting tighter within the pattern, suggesting a significant move in the next 2-3 months👨💻
A successful breakout above resistance could trigger the anticipated altcoin season and push prices towards targets at $4,850, $6,000, and $7,500🎯 $ETH
Bitcoin has seen a 5% sell off from the Weekly Open and now has 4 hour acceptance below $100k. This has been exactly inline with the 5% sell off on NASDAQ due to the success of DeepSeek (Chinese rival to ChatGPT.) This has caused uncertainty in US tech stocks which we know have a strong correlation with crypto.
So far BTC has given a small reaction from $97.6k. We can see from the orange box that this is a key zone- 4hr demand and previous 4hr support / resistance flip. Lets see how the US market opens and whether a bottom forms here.
Bitcoin has broken from the symmetrical triangle pattern, but this has not happened with any real volume. The price has been chopping within a 1% range so far this weekend so there is no real confidence in the direction of the next move.
I am still looking at a break of $106.5k or $101.3k, and we could see one of these levels tested the closer we get to the Weekly Open.
Once again $106.5k (Prev Week High) acted as resistance for Bitcoin yesterday, with no 4hr candle able to close above. We can see clearly from the orange trendline that the range is compressing in a clean symmetrical triangle. No need to force anything here, we know that compression leads to expansion, so it is best to watch for which direction the triangle breaks.
Any wicks down this weekend and we want to see $101.3k (Weekly Open) hold and the triangle maintained at each 4 hour close.
Bitcoin has yet to break out of the range it has been trading in for the past few days. Yesterday both the range support ($101.3k) and resistance ($106.5k) was tested and respected. Whilst we wait for one of these levels to break, altcoins are starting to gain strength.
Ethereum is trying to break out of a month long downtrend, so keep an eye on this as we could see the start of a bigger move across alts if this confirms.