Quick update on $BTC’s short term price action: Not much has changed since yesterday, as price is still holding above $76k, which remains the most important level of support we are currently watching. Until we see a breakdown below $76k or a break back above $80k, everything in between is just short term chop and volatility. Keep an EXTREMELY close eye on these levels as we head into the new week. I’d expect some strong moves following such a low volatility weekend.
$BTC is still attempting to hold $76k as support… 👀 Now that it’s the weekend, I highly doubt we will see much volatile price action in the short term, and the $76k support will likely hold until at least the weekly close tomorrow. Not much has changed since yesterday’s post, so I’ll keep this one short and to the point. $76k is the MOST IMPORTANT level of support right now. After that, it’s $74.9k. If both of these levels fail to hold, we will likely see a DISGUSTING dump to somewhere between $70k and $65k. The best sign for the bulls would be to see price rally back above $80k with strong volume, as that level will likely act as strong resistance. Keep a close eye on these levels as we head into the new week!
$BTC is still STRUGGLING to hold its major support at $80k… 👀 As I discussed yesterday, we have very strong confluence between Bitcoin’s short term support AND its MTF support, with both sitting around $80k. The major level on the MTF charts is the daily 50EMA, which we can see has begun to show signs of major weakness and a possible breakdown. We MUST see these daily candles continue to close above $80k. Otherwise, we risk seeing a major spill back into the mid 70s. I’m expecting price to make a major move over the next few daily candles, as we are most certainly reaching a short term and mid term inflection point. Whether it’s a strong bounce from $80k or a significant breakdown, we are very likely to see this move in the coming days. Keep an EXTREMELY close eye on this level as we head into the weekly open tomorrow!
$BTC is attempting to hold its daily 50EMA… This is a level I’ve been watching closely over the past few weeks, but this level of support is now more important than ever. We can see how price reacted after breaking above the 50EMA back around August 19th, when a MASSIVE surge in volume and buying pressure occurred above that level. Now, we can see that the 50EMA has been acting as very strong resistance over the past week, with price respecting this level quite well so far. But similar to the massive surge in volatility we saw when that level was broken back in August, I’d expect a similar surge in volatility if we were to break below the 50EMA as well. The $80k level, where the 50EMA is currently sitting, is also the strongest short term level of horizontal support that I’ve been posting about for weeks now. So there’s LOTS of confluence pointing towards $80k being an extremely important level for the bulls to hold. If lost, price will very likely dump into at least the mid 70s. Keep a VERY close eye on this level as we head into the weekend!
Some pretty volatile short-term price action here on $BTC… As I discussed a few days ago, if Bitcoin was able to bounce from its $80k support level and break above $82.8k, we would likely see a continuation into $85k, which is exactly what has played out! We have since seen price reject quite hard from $85k and fall back down to its support at $82.8k, which we could see act as temporary support. If we break back below $82.8k AND break the trendline that price has been forming over the past few days, then I’d expect the $80k level to be difficult for price to hold once again. Keep a VERY CLOSE EYE on price action for the rest of the week. I told y’all I had a feeling price action was going to start getting volatile again.
$BTC has given back all its gains from its recent rally… As I discussed in yesterday’s post, the major rejection we saw from $85k was likely going to result in another retest of the $80k support zone we have been watching for a few weeks now. And as we can see, this is exactly what price has now done, with the bulls attempting to hold price above $80k. This level is UNBELIEVABLY crucial for price to hold, as if we were to see $80k lost, we would very likely see price revisit the mid 70s once again. It is also extremely important for price to start making a significant bounce ASAP, as every time we have retested $80k up to this point, the bounce has become weaker and weaker, with the current bounce being the weakest so far. If the bulls cannot get price back above $82.8k soon, it becomes significantly less likely that $80k will be able to continue holding strong. Keep a very close eye on this level as we head into the weekend!
$BTC has seen a nice bounce from its support once again… 👀 This weekend has once again been quite slow, with Bitcoin retesting the $80k level of support before seeing yet another bounce. For this bounce and rally to truly hold, we MUST see price break back above and HOLD above $82.8k. If we continue to see retests of $80k day after day without a significant bounce above $82.8k, then it’s only a matter of time before the bulls fail to defend that support level. Keep a VERY close eye on price action this week, especially the $80k level. If we lose $80k, price will very likely see a strong flush into the mid 70s, just as I’ve been talking about over the past few weeks.
Quick update on the $BTC short term charts… 👀 Price is once again coming close to retesting that $80k level of strong support, which we have so far been able to hold over the past week. I’ve talked about this level EXTENSIVELY for well over a week now, so I won’t spend too much time discussing it yet again today. But the key things to watch for the rest of the weekend are whether $80k can continue to hold as support and whether price can reclaim $82.8k (the May local high) before we see the weekly open tomorrow. If we break below $80k, price will very likely see a strong flush into the mid 70s. Until then, we will likely continue to see more chop between the two levels I outlined above.
$BTC is continuing to respect its major support at $80k… 👀 I’ve been talking about how important this $80k level is for the past few weeks now, and price action has continued to prove me correct. Yet again, we have seen price retest and bounce from $80k today, but we are still seeing more and more weakness with each bounce from that level. If we break below $80k, it is very likely that we will see a sharp pullback into the mid 70s in a very short period of time. This is the main level I’ll be keeping a close eye on over the weekend and as we head into the weekly open on Sunday evening. Keep a VERY close eye!!