The sell off continued for Bitcoin yesterday and overnight, with the price retesting below $67k. The recent 4hr candles are giving signs that $66.9k (Monthly Open) is 4hr support, and we are starting to see some strength return from this area. The next area of likely resistance from here will be around $69.2k (2021 ATH). The BTC CME price closed the week at $68.2k so this is an area to keep an eye on around the weekly close to determine whether we get any significant CME gap above or below.
The bearish price action continued throughout yesterday for Bitcoin, retracing 8% from the recent highs. BTC looks to have 4hr support at $67.7k, but this is between 2 key levels- $66.9k (Monthly Open) and $69.2k (2021 ATH). One, or both, of these levels could be tested this weekend. It would be reasonable to assume that we see less volatility than last weekend, but I am observing until I see the reaction at one of these mentioned levels.
BTC initially reacted straight from $70k (Monday High) but is starting to look weaker at this level now. If this fails to hold then there is a very realistic chance of testing somewhere around $68k before the end of the week. Non- Farm payroll date out soon, then let's see what the market has in store today.
Another strong performance from Bitcoin yesterday after breaking through $70k.
The move yesterday means that BTC has finally broken the 4hr range highs at $71k, which has been in place since early February. This is shown on my chart by the orange zone, which also lines up exactly with the 4hr EMA200. There has been no retest of this yet, so I am waiting to observe the reaction there on any retest.
All the time that BTC is trading above $71k, I believe there is a chance of a move towards $76k in the coming days. If $71k is lost, and becomes resistance, then $68k is back on the table.
Bitcoin has been performing very well over the past 24 hours, moving up 5%.
The recent 4hr candle closed above $70k, meaning there is 4hr acceptance above the Monday High and Previous Week High. The 4hr resistance is clear- the range highs and 4hr EMA200 at $71k remains a significant barrier. If we start to see 4hr closes above this then I expect to see a move towards $74k. Any retest lower today and we should be watching the strength of the reaction at $70k - $69.3k.