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Bitcoin is currently seeing a retest of the 4 hour support at $97.5k which we are looking to see hold. If BTC starts to break down from this level then I am watching the $95k-$94k area for a better reaction.
Bitcoin dominance retested the 58% level, which is weekly support, and is starting to bounce as we would expect. Careful in altcoins here- do not over expose.
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Bitcoin has not yet hit the magic $100k figure but we are seeing consolidation above $98k. We are seeing a very tight trading range- every 4 hour candle over the past day has closed between $98.5k and $99.2k. This has led to a drop in BTC dominance and overnight altcoins have started to lead the way.
It is tricky to operate around these levels, with BTC at major resistance, but keep an eye on the 58% area of BRC dominance- This is major support. A bounce from here and alts will retrace, or break below this level and alts will continue to out-perform.
Bitcoin came within a few hundred dollars of the milestone price of $100k. The reaction at $100k will be interesting, and there is a chance that we see whip saw price action- meaning both short and long liquidations occur quickly. We have lower time frame support at $98k for now, so we are looking for this to continue.
As we have been mentioning the past couple of days, as long as Bitcoin was holding $90k as support then $96k was likely. That is exactly what has happened, with $98k being reached. We are back into price discovery mode, after breaking from the recent sideways range, and I am interested in the reaction of a $95k retest.
Be careful with altcoins they are lagging behind as BTC dominance is pushing higher.
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 likely 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 currently 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 96–98k, but I will be watching for a reaction on any test of 90.2k-90k.