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.