đ Bitcoin Daily Update đ
Bitcoin saw a sharp drop, falling back to the bottom of its previous parallel channel in just one day. Today marks the final trading day of both the week and the monthâa crucial moment for higher timeframe charts.
On the weekly chart, price action looks weak, printing a bearish engulfing candle after seven consecutive green weeks. This could signal the beginning of a correction or a period of consolidation, suggesting that the coming weeks might be choppyâor even bearish.
However, the monthly chart remains bullish for now. The January close at $102,380 is a critical level. If the monthly candle closes above it, the bullish momentum may carry into June. But if price rolls back below this level before the close, the outlook could shift significantly.
I'll be away from the charts until later todayânot sure exactly when Iâll be back. Wishing everyone a great Friday and weekend! đ¤
đŻ Key Levels to Watch:
⢠Resistance: 106,300 / 106,900 / 108,000 / 108,955
⢠Support: 104,027 / 102,380 / 101,425 / 99,430
đĽ Liquidation Heatmap:
⢠Above: 106,680 / 107,120 / 108,021 / 108,737
⢠Below: 104,980 / 104,140 / 103,120 / 101,950