After strong sell pressure again on Bitcoin yesterday, the price eventually bounced from the low $62.8k area. The price quickly recovered $63.5k by the end of the day, which is a key level we need to hold to maintain the current range. Currently we are seeing 4hr resistance at $64.5k.
This is the Monthly Open and 4hr EMA200. Reclaim $64.5k and we can see another attempt to reclaim the previous support at $65.7k. However, I am also seeing some liquidity developing lower, so we may grab this before any significant move up.
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Bitcoin has lost 65.7k (DM VAH) as 4 hour support. So far we have seen a bounce from $63.5k area (Prev Week Low.) This an area we want to see hold as it marks the range lows.
If this holds we can see a move to $65.7k again where we should expect resistance from the previous strong support. Lose $63.5k and a good chance we see a retest closer to $61k.
At the moment the price is trading inside the mirror ascending channel, within which we have shown a slight reaction to the POC volume level
Soon I expect to see a false breakdown of the lower boundary of the pattern with a test of the valid support zone and continuation of growth to the resistance zone⏳
The asset's moving within a correction channel but still riding that overall uptrend. Right now, it’s trying to break through resistance and EMA lines.
If it manages to break out and goes beyond that correction zone, I’d suggest grabbing some #TRB on the retest (around $80-$90) 🆗
But if the breakout flops, I’d expect the price to drop to the trend line and support zone (like $50-$65), which could also be a good spot to load up 📈
As for targets: Short-term play – $110 Medium-term play – $140 and $150
805 Days of accumulating below $97.80 key zone so far🧐
Current MC is $440mln only | Max Supply 10mln | Strong #DeFi project as well | You don't need to be a Genius to understand this one will shoot up in the bull run🚀
After a continued move down yesterday we are now seeing Bitcoin chopping between $65.7k (DM VAH) 4 hour support, and $66.3k (Monday Low) 4 hour resistance. Today we likely see this tight range broken in one direction depending on the outcome of the FOMC.
There is some liquidity closer to $65k in line with the 4 hour demand zone, which we could sweep if we see a move lower. Above us we have sell orders starting to increase at $67.5k. Caution with FOMC from 18:00 UTC today.
On July 30, 2024, Mt. Gox moved a huge amount of BTC as part of their repayment process. They transferred 61,559 BTC, worth about $3.89 billion, to different places.
47,229 $BTC ($3.13B) sent to three unknown wallets.
Once again Bitcoin failed to close a daily candle above $69.1k area (2021 ATH.) Over a 5% move down from yesterday’s highs after the US Governments start to move BTC.
The Monday Low ($66,365) is holding as 4 hour support for now. As long as this holds we could see a retest of $68.2kk (Weekly Open.) Any 4 hour close below $66,365 and there is an increased chance of a further retrace.
This morning Bitcoin has gained 4 hour acceptance above $69.2k (2021 ATH,) and this is holding as support so far. As we know, Mondays can be volatile, so the biggest confirmation of strength will be if we see a daily candle close above $69.2k.
If this level holds then we could see a quick move in to $71k / $72k. Remember we still have the CME gap at $65.8k.
For now I am letting the Monday range develop and marking out areas of interest on charts. Ready for a great week!
As expected, yesterday saw more volatility for Bitcoin than a usual Saturday although the day closed at the same price that it opened. A rejection from just above $69k (trendline resistance and 2021 ATH,) which is what I mentioned was likely to happen.
As we head into the weekly close and US futures open, I am keeping an eye on the closest CME gaps that are unfilled from the price action of the past few days. Just below, we have a gap at $65.8k. Above we have a gap around $68.3k.