Bitcoin $BTC is currently trading at $60,743 and is testing the $61,000 resistance for the second time.
This is the level I'm watching.
We've already seen a strong reaction from the $59,000-$59,500 support zone, which tells me buyers are finally starting to step back in.
Now they need to prove it.
If Bitcoin can reclaim $61,000 and hold above it, I think there's a good chance we see a move towards $63,500, where the next major resistance sits.
But until that happens, I still see this as a relief rally inside a market that's trying to rebuild after weeks of selling.
Lose $61K here, and I wouldn't be surprised to see another test of the $59K region.
The next few 4-hour candles are going to be important. If buyers can turn $61,000 into support, I think momentum starts shifting back in their favour in the short-term.
$POND
This is the level I'm watching.
We've already seen a strong reaction from the $59,000-$59,500 support zone, which tells me buyers are finally starting to step back in.
Now they need to prove it.
If Bitcoin can reclaim $61,000 and hold above it, I think there's a good chance we see a move towards $63,500, where the next major resistance sits.
But until that happens, I still see this as a relief rally inside a market that's trying to rebuild after weeks of selling.
Lose $61K here, and I wouldn't be surprised to see another test of the $59K region.
The next few 4-hour candles are going to be important. If buyers can turn $61,000 into support, I think momentum starts shifting back in their favour in the short-term.
$POND