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.
Finally Bitcoin gave a breakout but once again the price is very choppy. We can see 4hr acceptance above $92.2k (Monday High,) and as long as this continues to hold we could see a test of the range highs around $94k again. $93.5k (Yearly Open) gave a pretty strong rejection, but we have mentioned a number of times the significance of this level given the yearly candle close is just days away. Any move back below $92.2k and there is likely demand in the $90k area again.