$BTC opens the week at $80,154: the levels that matter in Fed week
Bitcoin opened its new weekly candle at $80,154 on Binance and is trading around $79,940 this Monday morning. Overnight it dipped to $79,368 before buyers stepped back in.
Here's how the higher timeframe looks to me.
Last week's candle ran from $84,898 down to $79,220 and closed at $80,154, near the bottom of its range. A close like that leaves the weekly structure on the back foot going into a busy few days.
Support: $79,200 to $79,800
This zone has caught price in each of the last two weeks. Last week's low was $79,220, the week before bottomed at $79,800, and this morning's dip stopped at $79,368. It's also the lowest level of the past 30 days. A daily close below $79,200 breaks that floor, and I'd rather wait for a new level to form than guess where the next one is.
First resistance: $80,900 to $81,400
Daily closes clustered here from October 22 to 24. Reclaiming it would turn this week's dip into a range retest.
Bigger resistance: $82,000 to $82,500
The October 23 high was $82,060, and CoinDesk flagged $82,500 as the level buyers need back to restore confidence. Above that, last week's high of $84,898 is the ceiling.
Two dates to keep in mind: the Fed decision on Wednesday, October 28, and the options expiry on Friday, October 30. Either can move price fast.
Not financial advice. Do your own research, and decide where you're wrong before you enter, not after.
Bitcoin opened its new weekly candle at $80,154 on Binance and is trading around $79,940 this Monday morning. Overnight it dipped to $79,368 before buyers stepped back in.
Here's how the higher timeframe looks to me.
Last week's candle ran from $84,898 down to $79,220 and closed at $80,154, near the bottom of its range. A close like that leaves the weekly structure on the back foot going into a busy few days.
Support: $79,200 to $79,800
This zone has caught price in each of the last two weeks. Last week's low was $79,220, the week before bottomed at $79,800, and this morning's dip stopped at $79,368. It's also the lowest level of the past 30 days. A daily close below $79,200 breaks that floor, and I'd rather wait for a new level to form than guess where the next one is.
First resistance: $80,900 to $81,400
Daily closes clustered here from October 22 to 24. Reclaiming it would turn this week's dip into a range retest.
Bigger resistance: $82,000 to $82,500
The October 23 high was $82,060, and CoinDesk flagged $82,500 as the level buyers need back to restore confidence. Above that, last week's high of $84,898 is the ceiling.
Two dates to keep in mind: the Fed decision on Wednesday, October 28, and the options expiry on Friday, October 30. Either can move price fast.
Not financial advice. Do your own research, and decide where you're wrong before you enter, not after.
