Bitcoin has given a nice bounce following the sweep of $92k yesterday. This has seen a reclaim of the 4hr EMA200 (yellow line) and $96.4k (Monthly Open.)
We want to see $96.5k continue to hold as 4hr support, and the obvious resistance for now is $99.6k (Prev Month High.) any 4 hour close above $99.6k then it is likely we see a push towards $103k (Monday Low.)
Bitcoin is still undergoing the biggest correction we have seen in a while, reaching -14% from the recent ATH. Yesterday's daily close lost the Daily EMA25 for the first time since October, and we look close to accepting below 4hr EMA200 which is currently $96.2k.
Looking for $94k (Prev Week Low) to form a bottom, or if this fails then we can expect a sweep of $92k-$90k to test the wick created on the 5th December.
A continued sell off yesterday has seen Bitcoin sweep below $100k overnight. $99.6k (Previous Month High) is being respected as 4 hour support and we want to see this level hold. The price has now fallen outside of the Monday range so we are keeping an eye on a reclaim of $101.2k (Monday Low,) where we can then expect a move back towards $105k.
On the daily timeframe $98.8k is key to hold- this is the daily EMA25 which has been key support since the strong uptrend early November.
We have seen a small rejection on Bitcoin overnight following yesterdays new ATH at $108k. $103k (Monday Low) has provided a good bounce so far and the demand zone marked out yesterday (green box) is being respected so far.
This is a key zone I want to see held on each 4 hour close. Tonight is the FOMC meeting which can bring volatility so no need to rush into anything right now.