There has been no significant change since yesterday, as bitcoin continues to face resistance at $93.5k (Yearly Open). We already mentioned the psychological importance of this level and we have seen multiple 4hr rejection from this level. I will continue to look for potential levels in altcoins but my highest conviction on Bitcoin will come on acceptance above $93.5k or a retest of the $90.4k area (Monday High.)
A strong day for Bitcoin yesterday ended with 4hr acceptance above $90.3k (Monday High). It is no surprise to see that our current resistance level for BTC is $93.5k (Yearly Open) which is a key psychological level considering the end of the year is approaching, and this will determine whether we see a red or green year. If we see a 4hr close above $93.5k then I would expect a test of $96k - $97k soon. $90.3k is the level bulls want to see hold on any downside retest.
After briefly losing $85.2k (Prev Week Low) Bitcoin has reclaimed this level on the 4hr timeframe. Although BTC is showing more strength this morning, it is trading around the Monday mid-range so I am mostly interested in monitoring the reaction when the Monday Low or Monday High is retested.
After a low volume Saturday, Bitcoin maintained $90.5k as 4hr support and continues to respect the support trendline. We are seeing early signs of volume increasing, which is normal as we head to the weekly close. As long as $90.5k is not lost, then BTC can retest $93.5k (Yearly Open) but I would expect this to be met with strong resistance for now. Breakdown from the trendline support and I still like the idea of testing $89.1k (Monday High.) Monthly close tonight too so we can expect some volatility.
The orange trendline and $91.5k - $93k zone, which we have been watching for a few days, continues to act as resistance for Bitcoin. It is not surprising to see sideways movement so far this weekend, but I am watching $90.8k now (red line.) Notice how this was 4hr support, but has recently closed a 4hr close below and giving early signs of rejection. If this is not reclaimed it could help see a push down to test $89.1k (Monday High.)