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.
Since failing to reclaim the $94k area, Bitcoin has seen strong bearish continuation. Whilst the $91.5k area (Weekly Open) provided some relief again, this has now been lost on the 4hr timeframe. Notice how after the 4hr close below, this became resistance as the 4hr candles started to reject from $91.5k. Clear example of an S/R flip. BTC has now filled the CME gap at $90.5k, and the $90k zone becomes a key area to hold psychologically.
There is another CME gap, created last week at $88k, so a move to fill that soon cannot be ruled out inline with a retest of the Yearly Open.
Since failing to reclaim the $94k area, Bitcoin has seen strong bearish continuation. Whilst the $91.5k area (Weekly Open) provided some relief again, this has now been lost on the 4hr timeframe. Notice how after the 4hr close below, this became resistance as the 4hr candles started to reject from $91.5k. Clear example of an S/R flip. BTC has now filled the CME gap at $90.5k, and the $90k zone becomes a key area to hold psychologically.
There is another CME gap, created last week at $88k, so a move to fill that soon cannot be ruled out inline with a retest of the Yearly Open.
After failing to reclaim $94k, Bitcoin has retested the $91.5k area (Weekly Open.) We saw an initial good reaction from this area.
This morning we have seen a further retest of this area, and it is holding, but we still cannot rule out a retest lower as we have the unfilled CME gap at $90.5k. All the time the 4hr time frame is holding above $90k, there is still a chance we can see a move towards $100k in the coming days.