Overnight Bitcoin made a new ATH- reaching above $106k. This has seen an upside breakout of the rising wedge on the daily time frame. From here I think we can expect a retest of the breakout at $103k - $101.5k. The last few Mondays MicroStrategy announced new $BTC buys, which had contributed to the weekend's strong performances, and therefore saw a pullback after the news.
The same pattern again today could see the retest mentioned above. BTC dominance is still continuing to rise, which is stopping most altcoins from breaking out for now.
Notice how every 4 hour candle close this weekend has seen Bitcoin respect $101.2k (Monday High) as support. This gives a good platform for a potential breakout heading into the weekly close when we can expect volatility to increase.
4 hour resistance remains at $102k where BTC has been unable to close above this level so far. If this is flipped we could see the next breakout. Altcoins stil require some patience here as BTC dominance is increasing once again.
Heading into the weekend Bitcoin has flipped $101.2k (Monday High) into 4hr support. Looking for this level to hold and a push for a new ATH could come quickly.
I am still being patient, especially on a Saturday where we can expect sideways movement and lower volume. If $101.2k is lost as 4hr support then we could see a sweep of $99.6k (Prev Month High) once again.
Yesterday Bitcoin faced constant selling pressure at $102k and temporarily lost $99.6k (Prev Month High) as 4 hour support. This has since been reclaimed. For a better indication of the next move we are looking for a clean break of $99.6k support again or a 4 hour close above $102k.
I think it is a good idea to be patient on trades right now and it is safer to wait for retests lower or for a confirmed breakout.
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A strong move from Bitcoin yesterday breaking out of the 4 hour downtrend and reclaiming $100k. The trendline breakout has not yet been retested, but we can see $99.6k (Previous Month High) has been which provided a nice bounce. We have clear 4 hour resistance at $101.2k (Monday High) which is to be expected. If we are going to see continued upside momentum over the next couple of days then we want to see $99.6k hold at each 4hr candle close.
Keep an eye for any 4 hour close above $101.2k and then we can expect another retest of the $103k-$105k zone.