Yesterday I mentioned that we were looking for Bitcoin to hold $95.6k as 4hr support (green line,) but after one successful retest this level failed and is now 4hr resistance. We can see clearly how the last 5 4hr candles have attemnpted to reclaim this level but closed below. All the time BTC is trading below this we can expect a retest closer to $94.5k, but if this fails to provide a strong reaction then I will be looking towards $93k - $92k area soon. $BTC #CryptoDawar #MarketRebound #Btc #CPIWatch #Write2Earn
Bitcoin has continued its uptrend over the past 24 hours after successfully holding $94.5k as 4 hour support on each retest. I am now watching $95.6k (green line) as there are early signs of this new 4hr demand becoming support. If this continues to hold then I still expect a move to test closer to $100k.
If BTC puts in a retest back at $94.5k we want to see this continue to hold or there is a chance of $92.5k (Monday High) being revisited.
Bitcoin played out the move I mentioned in yesterdays update- a break above $92.4k (Monday High) and a fast move to $94k. This gives us a strong move out of the BTC Long zone.
BTC has now accepted above $94.7k (Prev Week High & Prev Month High) and looks to be forming 4hr support here. If this is maintained, a move back towards $100k is likely. Any pullback and I will have my eyes on any reaction at $92.4k area.
Over the recent 4hr candles Bitcoin has continues to respect the trendlind support, 4hr EMA200 and the $91k area (Weekly Open.) Despite the slower price action and with CPI data due today we can expect some more volatility.
BTC is facing resistance at $92.4k (Monday High,) but if this is broken I expect we could see a fast move towards $94k. If the CPI reading is worse than expected, I will be watching the $90k area for a reaction.
No real change for Bitcoin since yesterday. No reclaim of $91.5k area (Weekly Open) and with the low weekend volume it has not even made an attempt to reclaim.
The 4hr EMA200 (yellow line) continues to be a key 4hr support, so I am watching for reactions on any retests of this.