Bitcoin (BTC): $68K Has Been Reached!!!!

Bitcoin Has reached its first point of interest, which is $68K, the price is now finding it hard to breakout from there!

As we are slowly pushing there, we are waiting for some kind of weakness to kick in or a rejection to happen (even a fakeout is option here).

As there is still some liquidity to be taken near the current zone, we might see a fakeout, which would act as liquidation hunting....so eyes open!

Swallow Team

Comment:

Well, as we mentioned, the possibility of a fakeout is there, but we never thought it would be that big.

As of now, the majority of liquidity has been taken out of the upper zones, and now there is almost none to be taken.

With that being said, we have approached one major resistance zone, where now we are now in an overbought zone with RSI and also some kind of resistance can be seen!

Logically we should see a correction from here but well...logic does not go with BTC usually so eyes open!

Comment:

Bitcoin is holding strong under that resistance zone that caught our attention. We are looking for any further movement to lower zones but towards our point of interest, which should stabilise the EMAs as well.

Comment:

Bitcoin reached its first point of interest, where the price is not at $67,800 and is still pressing and showing some weakness!

Bollinger Bands middle line was also broken without any struggle, so we should see some good further fall here!

Comment:

Bitcoin is dropping and dropping after that nice test of the upper resistance zone.

As we slowly approach the EMAs, we are looking for a steep breakdown near those zones, which would mean that if we break them, we will see a nice touch happen near the $60K zone.