We shouldn't overlook the fact that we saw a 4-hour acceptance below $68.3k (Monday's low). Right now, I'm focused on the price reaction when this $68.3k level gets retested. If it gets reclaimed convincingly, we could see momentum building toward $70k. On the flip side, a bearish rejection at the $68k zone remains on my radar, potentially opening the door for a drop toward $64k.
Bitcoin still appears to be in a period of consolidation, which is normal after such a violent move last week. The Monday Range this week is $68.3k - $71.4k, and so far this morning BTC is just moving along the bottom of this zone. If $68.3k holds then we can assume a move back towards $71k, but if there is 4hr acceptance below this then $66-$65k is definitely possible.
Once again Bitcoin confirmed resistance at $71.5k with a rejection just before the weekly close. This has given a further move down this morning as BTC is now fighting to hold onto $69k (2021 ATH) as 4hr support, and I still do not rule out a move towards $66k - $65k this week.
After deviation below the2021 ATH at $69k, we are seeing signs that this could become the daily support for Bitcoin. With the price now pushing towards $71k, if this strength continues today then there is a good chance of a move towards $73k before the weekly close.
However, with it being Sunday we have to be cautious of these illiquid moves and therefore $65k - $64k cannot be counted out yet. For now I am observing and am interested in whether BTC can close the weekly candle above the $71.5k weekly level that I mentioned yesterday.
Bitcoin gave a very strong reaction yesterday, reaching +20% from the lows of Thursday.
As can be seen from the 4hr chart on the left, BTC is currently struggling with 4hr supply just below $70k. If this continues to be resistance then we cannot rule out a retest of $66k-$64k zone in the coming days. On the other hand, if this 4hr supply is flipped, we could see a squeeze to reclaim the weekly level around $71.5k which would mean the old weekly resistance has been maintained as support. $BTC $ETH $BNB #CryptoDawar #MarketRally #USIranStandoff #RiskAssetsMarketShock #Write2Earn