Market Update -
The NIKKEI just had its biggest crash on record.
So far the biggest reaction from BTC has come from $49k which was the daily highs of BTC ETF launch day. For now I am waiting for the Monday range to form, as the knock on effect into the US open will be critical today. Watching to see if $53.2k (Prev Month Low) gives BTC some support by the end of today.
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We're looking for a 4hr close on these lvls!
Let's see what happens!
Market Update -
Bitcoin is rejecting from $64.8k (Monday High) and has done so on every 4 hour candle since this level was lost yesterday. Keep an eye on $64k becoming 4 hour support on a retest, which could give us some very choppy price action ranging between $64k and $65k.
I will continue to look for strong set-ups, but I am most interested in which level breaks first- $65k or $64k.
Episode 1 of thie daily bitcoin update podcast
https://audio.nostr.build/6ddb3a422b3305dd6cb29143bc0e32c340048b766c1145e4023a848d0e7e0c34.mp3
The Daily Bitcoin Market Update Podcast - Introduction
https://audio.nostr.build/a67a868858c58af764574d558f894e8b5e41d471f17d5edc2fed1aab11e44442.mp3
Market Update - 7/17/2024
Bitcoin is still looking strong and we now have acceptance above $64.8k (Monday High) which is holding as 4 hour support for now.
The heatmap is showing an increasing liquidation level at $66.5k so a good chance we sweep that soon if $64.8k continues to hold. The key levels below, to watch for any retest, is $62.7k and $61.5k.
Market Update - 7/16/2024
Bitcoin is showing signs that $62.7k (Monthly Open) will become 4 hour support. After this morning's rejection of $65k we now have 4 hour supply at $64.4k, just under the Monday High, which is likely to be significant resistance.
We are starting to see Mt Gox move significant amounts of BTC around, so there is a little uncertainty from this FUD. Be aware that this could cause some bearish momentum and we do have some key levels below that have not been retested since the breakout- most significantly $61.4k (Prev Week High & 4hr EMA200.)
The Monday range this week is $60.6k - $64.8k.
# Why the market updates?
It's not that I think you should trade, it's that I think you should have all the proper information that allows you to make an informed decision about your own financial future while saving yourself from research fatigue.
If bitcoin is money, then knowing when dips are coming to buy, and when moons are coming to spend.... might behelpful for regular people to
maximize their TEV;
Time
Energy
Value
Market Update - 7/15/2024
For the first time in over a month Bitcoin is trading above the 4hr EMA200 (yellow line.) We have seen the bullish momentum continue throughout the weekend, and the price is now 15%+ up from our perfect bottom snipe last week. The price now looks to be consolidating around $62.7k monthly open level.
For now I am happy to let the Monday range develop, and looking for a reaction on a retest of the 4hr EMA200. A word of warning- BTC has created a huge CME gap this weekend and if this is to be closed it means a move down to $57.9k.
As mentioned yesterday in the premium group, 4 hour acceptance above $59k was likely to give a quick move to $60k and that is exactly what played out. Yesterday was the first daily close back above $58.2k (Daily EMA200) which is significant- we do not want to lose this level again. Next key resistance on a higher time frame will be the weekly resistance at $61.4k area.
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Would have known we are going to 60k with the link in my bio....
7/12/2024
Yesterday Bitcoin saw another strong rejection above $59k (DM VAH) and another daily close below $58.2k (Daily EMA200.) The German Government is almost out of BTC, so the selling pressure should reduce from that direction soon. We also have the US Dollar showing weakness, so this is a catalyst for a bounce soon.
For i am in no rush. I have my limit set for lower and will watch price action develop.
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7/11/2024
Another day of Bitcoin closing below the EMA200 at $58.2k. As I have been mentioning, until this level is reclaimed on the daily timeframe we have to be open minded about another move lower. Beyond $58.2k we would be looking for a 4 hour reclaim of $58.9k (DM VAH.)
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