Little change from yesterday for Bitcoin, with very low volume and sideways price movement. A small amount of strength can be seen this morning, giving some potential demand at $87.5k, but with resistance still in place at $87.8k (Monday Low) the range is too tight to take much confidence from.
As we head towards the weekly close I am not ruling out a push back to $88.6k (Weekly Open and downtrend resistance.) $87k still seems like the most solid level of local support for now.
Bitcoin confirmed 4hr support in the $87k area once again but is struggling to make any significant breakout above $88.6k (Weely Open). I am watching for a breakout of the orange trendline now, which represents the downtrend since early December. If this downtrend is broken with volume I think we could see $92k tested over the next week.
The order books are thin, the price is very choppy and in these conditions I believe it is important to manage any positions more aggressively because sooner or later a bigger move will happen. Not every day is for trading, not even every week, practice patience and let's see what opportunities arrive!
Bitcoin has now rejected multiple times from $87.8k (Monday Low), with every recent 4 hour candle closing below this. This opens up the path to a retest in the $85k area next, which would only be invalidated with a strong reclaim of $88.6k (Weekly Open.)
We can expect a couple of days of lower volume because of the holiday period, but I will be looking for both shorts and longs from key levels if we get them. We have US job data due out today which would be the most likely cause of any volatility before Christmas Day.