We are seeing high selling pressure in Bitcoin this morning. The CME gap at $60.5k has been filled and shows no signs of a bounce yet. The price has just swept below the $60k psychological level, and if we do not see a reaction soon then it seems a good chance we sweep the Previous Month Low area.
We have the release of the FOMC minutes tonight so can expect further volatility here.
Follow for more.
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Follow along so you know when dips are coming to stack.
Was in a rush this morning.
The Monday range for Bitcoin this week is one of the tightest we have seen this year- Just 2.2% between the high and the low. This means we are likely to get more choppy price action until one of the levels break- Monday Low at $62.5k or the Monday High at $63.8k.
We have liquidity growing under $62k and also above $64k, so a sweep of one of these could give us the range break we are looking for. I will look to set some limit orders when I see clearer areas develop.
The idea shared yesterday played out- acceptance above $62k and a quick move to $63.4k. This is where we have resistance at the Previous Week High and it is also the June VAL.
So far we have seen a 1% rejection from this level. Whilst we wait for the Monday range to develop, keep these 2 key levels in mind- We have a CME gap below at $60.5k, and a very large amount of sell orders above at $65-$66k.
New month, let's make it an amazing one!
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Bitcoin has seen an increase in volume over the last couple of hours, but we are still trading within the choppy range that we saw mid-week. After accepting back above $60.7k, this has been tested as support and given a nice reaction but still no break of $62k.
Tonight is the weekly close/ Monthly close and Q2 close, so watch out for some volatility and a potential break of range today. If we break above $62k today there is a chance of a fast move up to $63.4k.
Bit late but better than never i suppose;
Over the last few days we have been watching the Bitcoin buy wall under $60k. Be aware that this morning these orders are no longer there. This is not uncommon with big orders cancelling over the weekend. We have once again seen $60k hold strong as it was tested again during the night, but we have not seen enough volume to see any significant bounce so far.
The trendlines on the chart
show that the price action is compressing and very soon we will get a bigger move. Until Bitcoin makes a decision we will continue to look at shitcoin set ups.
Bitcoin continues to chop around in a tight range which means we are getting closer to a big move. Right now there is no clear indication which way that will be, but this will be decided by breaking one of 2 levels. $62k is still a big 4 hour resistance, with more rejections there yesterday. $60.7k is 4 hour support. Whichever of these levels breaks will tell us where we go from there.
The price action on Bitcoin is still slow- choppy and slow bleeding. Yesterday I mentioned that $62k was resistance and this was the case on multiple re-tests yesterday. Now BTC is looking weak above $61k too. I cannot ignore the big liquidity still under $60k, it is very likely to be tested even if we do not make new lows.
Maybe a liquidate late longs and pump scenario. We have US GDP today so there is a chance of volatility from this. We have limit orders in place and I will be ready to react to whichever way the price breaks.
Looks like we didn't get that strong 4hr
Follow for tomorrow's update.
Zap/Share to support.
Bitcoin is currently rejecting $62k. The past five 4hr candles have tested and closed below this making it a key resistance level. If we get a strong 4hr close above this level then we can continue to look towards the $63.4k area (Monday High.)
I am still aware of the big level of liquidity sitting at $60k and below, so I think there is still a good chance of a retest lower before the next leg up.
Looks like we closed above $61.3k. Stay tuned for the next update.
Bitcoin Market Update -
After an aggressive sell off yesterday, finally Bitcoin gave a reaction and some strength from the $58.2k area. We are starting to see signs of 4 hour resistance at $61.3k, which was also a previously strong daily support so we need to be careful around here.
If we can close a 4 hour candle above this level then we could be looking at a move back towards $63.4k (Monday High.) But be aware that liquidity is growing again under $60k, so do not rule out another sweep of this.
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