7/8/2024

Overnight we saw Bitcon drop down to the mid $54k area. A great reaction so far but no surprise to see the resistance is still $58.2k (Prev Month Low & Daily EMA200.) As this level was such a long term support it is normal to see it flip into strong resistance. A daily close above $58.2k and I will have more confidence of the bottom being in.

If we continue to reject, not only have we got a significant block of orders at $45k, but there are also increasing bids in the $40k area. Although a move this low seems unlikely, we cannot ignore growing liquidity there.

A great start to the week, let's make it another big one!