Yesterday saw Bitcoin close the daily candle below $100k for the first time since May. Currently there are no signs of any reversal and BTC continues to slowly bleed out. From here it looks like we are heading towards a test of $93.5k (yearly open,) and if that does not happen today, then a daily close below $98 today makes this retest even more likely in the coming days IMO.
Bitcoin is continuing in a bearish trend on the 4hr chart, whilst still inside the $101.5k - $106k range that we are monitoring. Lower Highs and Lower Lows are being made and until the range above has been broken I will look to continue scalping entries on altcoins.
I think it is important not to have a fixed bias here, just trade the range. Let's see what today brings.
After a day of bearish price action yesterday, the latest 4hr Bitcoin candle has accepted back above $104.6k (Weekly Open.) Although this is a positive step for bulls, as it also means the price is back inside the Monday range, I still expect $106.6k to be significant resistance if this level is tested today. It seems for now that our likely range on BTC will be $101.5k - $106.6k, and this could go on for some time.
Potentially we are entering a more risk-off environment with the final vote on ending the government shutdown happening later today, and CPI figures coming tomorrow. I will continue to monitor for opportunities.
Bitcoin continues to respect $104.6k (Weekly Open) as 4hr support. The CME Gap was not fully filled yesterday, so I do not rule out a move below $104k today but I will be looking for $104.2k (Monday Low) to hold on each 4hr close. If we start to see acceptance below $104k then it looks likely that we will see $101.5k - $100k again. $106k continues to be 4hr resistance, and the Monday High sits at $106.6k. A 4hr close above the Monday High should be the catalyst for a move towards $109.5k (Monthly Open.) These are the scenarios I am watching today.