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Bitcoin is in the longest consolidation range that we have seen since the US election. For now we look to play the range until broken. This means $90k holding as 4 hour support and $92.5k 4 hour resistance.
My thoughts are the same that if we lose the support then we likelyĀ sweep towards $87k. A 4 hour break of the $92.5k resistance and we can see $96k. $BTC
Bitcoin started the week strong with a 3% move off of the weekly open level of $90k. This level is now heading towards being retested, which is the price we want to see hold as 4 hour support for upside continuation and a potential new ATH. This was 4 hour support throughout yesterday.
If we see 4 hour acceptance under this then I think we could see $87k where there is growing liquidity. No need for overexposure to the market today as we wait for the Monday Range to develop. Great opportunities coming.. $BTC #BTC #CryptoDawar #HaveYouBinanced #TrendingTopic #HotTrends
Yesterday I mentioned that I was looking for Bitcoins reaction on a retest of $90.2k. This area has been tested, and is holding as 4 hour support but there has not been any strong upside continuation so far. $91.2k is currentlyĀ 4 hour resistance, giving us a choppy 1% weekend range.
The 4hr EMA8 (blue line) is still a key level as the price is now tracking this, so I am continuing to monitor how price interacts here. As usual, heading into the weekly close, there is a better chance of increased volatility.
Bitcoin is trading back above the 4hr EMA8 and Monday High. Yesterday saw the highest daily close ever for Bitcoin and it continues to look strong with altcoins picking up too.
From here I believe we can see a push to 96ā98k, but I will be watching for a reaction on any test of 90.2k-90k.
After Bitcoin acceptedĀ below the 4hr EMA8 (blue line), we can see that this has become resistance. Looking for a 4 hour reclaim of this level, but more importantly a 4 hour close above $89.8k (Monday High.) If both of these levels are reclaimedĀ then we could see another ATH push. 4 hour support for now is $86.6k and we do not want to see acceptanceĀ under this for the short termĀ trend to continue.
Bitcoin is respecting two major levels as 4 hour support- The 4hr EMA8 continues to hold every test as we have been mentioning the past couple of days. $89.8k (Monday High) has also been maintained at every 4 hour close.
For short term continuationĀ we need to see these levels hold. Whilst BTC is looking strong, Bitcoin dominance is breaking out even higher which is causing pain for altcoins so be extra careful in leverage/ alts.