I mentioned in yesterdays update that $88.1k (Weekly Open) was likely to be resistance for Bitcoin and, after a period of recovery, that is exactly where the rejection came. As week as being the Weekly Open, this was also a bearish retetst of the orange trendline. If this resistance is reclaimed, we could see a push towards $90k where the CME gap has not been fully closed. $85k (Monday Low) remains a critical level to hold as support on any further retests.
Yesterday we saw Bitcoin sweep $85k, which is an area I have been mentioning for many days. I also expect we could see resistance at $88.1k (Weekly Open.) If we see 4hr acceptance above $88.1k then we can see a fast move towards $90k.
Any retest lower and $85k must hold, or $80-$78k could be next. Now that the Monday range has formed I will be looking for more opportunities. The Monday range this week is $85k - $89.9k
After Bitcoin swept $87.5k at the weekly close last night, we have see a strong reaction to start the day but there has been no test at the key level of $90.3k (Monthly Open.) I expect this to continue to be resistance at least in the short term.
There has been no real change for Bitcoin over the past 24 hours- multiple rejections from $90.3k (Monthly Open) which is our current 4hr resistance. $89.8k is 4hr support, so we have a current 4hr range of less than 0.5%. $89k remains a key level to hold and I still believe that if we start to see 4hr acceptance below that we will visit the $87k-$85k area quickly. The pattern over recent weeks has been increased volatility heading towards the weekly close, so we may see a clearer picture develop in the next couple of hours.
Bitcoin cut through $92.2k (Monday High) and $90.3k (Monthly Open) in one 4hr candle yesterday. So far today, the 4hr candles are barely visible which indicates low volume and a standard Saturday chop. Reclaim $90k and we can look for $92k again. $89.5k (Monday Low) was tested and respected as 4hr support, but any close below this and we could see $87k-$85k area very quickly.