After a wick below $88k yesterday, Bitcoin as responded with strength and is up over 8% since. BTC has now reclaimed $90.3k (Monthly Open) and earlier candles suggest that we may have 4hr support here now, although it is important to keep in mind that there is a new CME gap in the $89.5k area so there is a real possibility of this being filled soon. We can expect resistance on any test of $93.5k (Yearly Open) up to $94k (Pre Week High) which brings us to the top of this current range. 4hr acceptance above these levels and $97k can likely be targeted. A big week this week, so let's make it another amazing week of trading!
Bitcoin saw continued weakness yesterday and has now lost $90.3k (Monday High) as support. There has been a reaction from $88k so far, but BTC has failed to reclaim $90k on the 4hr chart and with it being a Saturday it would be reasonable to assume that we chop around this level today. All the time that BTC is trading below $90.3k then a move towards $85k seems likely.
The price action on Bitcoin right now is not ideal, just slowly bleeding since the $93.5k rejections. I am still watching for a retest of $90.3k, as so far we have not seen any retest close to the Monday High. We are looking for a strong reaction from this area, otherwise any acceptance below and $87k area would seem likely.
Ethereum Vs BTC has started to show some strength after a number of months, so if we see consolidation on BTC we could see some relief on altcoins.
There has been no significant change since yesterday, as bitcoin continues to face resistance at $93.5k (Yearly Open). We already mentioned the psychological importance of this level and we have seen multiple 4hr rejection from this level. I will continue to look for potential levels in altcoins but my highest conviction on Bitcoin will come on acceptance above $93.5k or a retest of the $90.4k area (Monday High.)
A strong day for Bitcoin yesterday ended with 4hr acceptance above $90.3k (Monday High). It is no surprise to see that our current resistance level for BTC is $93.5k (Yearly Open) which is a key psychological level considering the end of the year is approaching, and this will determine whether we see a red or green year. If we see a 4hr close above $93.5k then I would expect a test of $96k - $97k soon. $90.3k is the level bulls want to see hold on any downside retest.
After briefly losing $85.2k (Prev Week Low) Bitcoin has reclaimed this level on the 4hr timeframe. Although BTC is showing more strength this morning, it is trading around the Monday mid-range so I am mostly interested in monitoring the reaction when the Monday Low or Monday High is retested.