After Bitcoin lost $67.2k (Monday Low) on the 4hr chart yesterday, we can see this has flipped to resistance with a bearish retest of that exact level. BTC is trading in this clean falling wedge, and until this is broken to the upside then we have to assume that creating another Lower Low towards $65k (Prev Week Low) would be the logical next move. I will be watching for either a breakout or the reaction at $65k during the US session today.
Bitcoin swept $66.6k yesterday and there was a strong reaction from this price, but BTC has not even managed to retest $68.8k (Weekly Open) which we know is 4hr resistance. $67.2k (Monday Low) has been tested a number of times and continues to be respected at each 4hr close and, all the time this holds, we can see a retest of $68.8k and even $70.1k (Monday High.) Any break down from $67.3k and I will be looking for opportunities towards $65k.
Bitcoin continued to move sideways in a tight range whilst the US markets were closed yesterday. We can see very clearly that $68.8k (Weekly Open) is now strong 4hr resistance for BTC, with multiple candles rejecting from this level. The bigger range to watch for a breakout in either direction remains $65k to $71k.4k, but for now I will be watching how Bitcoin reacts on any tests of the Monday Range at $67.2k (Monday Low) to $70.1k (Monday High.) Low volumes currently, but this could pick up in the US session.
Coins showing volatility this morning: COTI, TAO, C98.
Bitcoin rejected strongly from the $71k area again yesterday but is holding $68k as 4hr support. There is a good chance that last weeks range of $65k - $71.4k acts as a range for some period of consolidation. For now I will watching the Monday Range develop some more but will be looking for opportunities within this range.
The next big move will happen once there is a breakdown of $65k (Prev Week Low) which could lead to the $60k wick being taken out.
Alternatively an upside breakout of $71.4k (Prev Week High) which could lead to a move to test $74k - $75k. US stock market closed today for Presidents Day.
Over the past 24 hours Bitcoin has given 3 positive reactions from $69.2k (2021 ATH.) The price continues to push up towards $71.4k (Monday High) , which is a key resistance level. We may see more volume return to the market as we head into the weekly close, so I am watching for any acceptance above $71.4k which could trigger a move to the $74k area. Any retest lower and I am looking to see $69.2k hold.