Bitcoin is currently trading at a level which we should consider risk off. So far this weekend it has been unable to reclaim $105k, and with growing liquidity between $103k and $102k, as well as that being in the region of the Prev Week / Month Low, there is a reasonable chance this is swept.
After a great week and month, I will probably look to see what happens around the weekly close before positioning. For upside, I am looking for a 4hr reclaim of $104.6k.
As mentioned yesterday, if we continued to see Bitcoin look weak below $107k then $103k- $102k was on the table. We have now seen the BTC sweep of $103k which is the range lows since the breakout earlier in the month.
After a great week of trading, I am not looking to overexpose myself this weekend especially with it being the monthly close tonight. But it we see any loss of $102k then I think $98k - $95k will be retested soon after.
If you have been following my updates over recent days then you would not have been surprised when you saw Bitcoin move below $105k this morning. We can see that yesterday BTC was unable to reclaim the $109k area (Weekly Open) before a move lower towards $104k as we expected.
From here I am looking to see if BTC can reclaim the 4hr support around $107k, but if we continue to see weakness from the current level then the range lows at $103k - $102k are on the table.
The Bitcoin scenario that I shared yesterday played out exactly- $109k (Weekly Open) continued to be resistance before a sweep of $107k - $106.5k. This was perfect for the Bitcoin short trade.
Right now, Bitcoin is trying to reclaim $109k on the 4hr chart, and if this confirms then we may get a chance to play the Monday Range. If this level is not reclaimed, then $106.8k becomes a must hold level or we will see $104k imo.
Broccoli Coin: A Deep Dive into the Latest Meme Sensation 👀
Broccoli Coin l is a memecoin that gained traction after CZ revealed his dog's name, Broccoli, in a social media post. This seemingly simple origin story quickly resonated with the crypto community, leading to the creation of a token that embodies the playful and often unpredictable nature of the meme coin market.
Unlike traditional cryptocurrencies that often aim to solve complex real-world problems, Broccoli Coin's primary purpose is to celebrate meme culture and foster a strong, community-driven ecosystem. It's a testament to how quickly a viral moment can translate into a digital asset in the fast-paced crypto space.
Key Characteristics and Tokenomics Broccoli Coin typically operates on the Binance Smart Chain (BSC), leveraging its speed and low transaction fees. While there might be different versions or iterations of "Broccoli Coin" that have emerged, the most prominent ones share common characteristics:
Community-Driven: Broccoli Coin projects often emphasize a decentralized approach, with management and development heavily reliant on the community. This fosters a sense of shared ownership and participation among holders.
Zero Transaction Fees (in some cases): Some Broccoli Coin iterations boast a 0% buy and sell tax, making trading more accessible and appealing to a wider audience.
Total Supply: A common total supply for Broccoli Coin is 1 billion tokens. Many projects also implement burning mechanisms, reducing the circulating supply over time. For example, some sources indicate over 814 million tokens have been burned, leaving approximately 185 million in circulation for one prominent version.
Speculative Asset: Like most memecoins, Broccoli Coin's primary utility is for trading and speculation. Its value is heavily influenced by market demand, community sentiment, and overall cryptocurrency trends.
On the 4hr Bitcoin chart we are seeing the importance of the Monday range in action. There is 4hr resistance at the $110.4k which is the Monday High, and we are seeing $108.6k (Monday Low) holding as support on multiple 4hr retests over the past day. Right now, we can see $109k (Weekly Open) area is starting to become 4hr resistance too.
I would like to see this broken soon for continued upside, but the longer we trade below this the more likely I think we get that $107k - $106.5k sweep. It has been a great start to the week for trades so let's see what we get today!