Bitcoin, and the entire crypto market in general, is looking fairly weak right now.
After bouncing off the 4-Hour Order Block, price was rejected at the 38.2% Fib level which is just under the daily open.
If price makes a clean break below this 4-Hour Order Block, I will be looking to short the retest targeting the demand zone below.
The bulls need to push price back above resistance between $6550-$6650 to maintain any type of bullish momentum, otherwise the chances of making a new yearly low will increase until proven otherwise.
If Bitcoin can hold this level, I will be waiting to short any potential retest of the supply zone above, most likely $6870-$6900.
A break and consolidation above supply which is confluent with the 261.8% Fib extension level, and I will start looking for long positions again and will shift my medium-term bias to cautiously bullish. If this situation does in fact materialize, resistance will be found from $7200-$7500.
After bouncing off the 4-Hour Order Block, price was rejected at the 38.2% Fib level which is just under the daily open.
If price makes a clean break below this 4-Hour Order Block, I will be looking to short the retest targeting the demand zone below.
The bulls need to push price back above resistance between $6550-$6650 to maintain any type of bullish momentum, otherwise the chances of making a new yearly low will increase until proven otherwise.
If Bitcoin can hold this level, I will be waiting to short any potential retest of the supply zone above, most likely $6870-$6900.
A break and consolidation above supply which is confluent with the 261.8% Fib extension level, and I will start looking for long positions again and will shift my medium-term bias to cautiously bullish. If this situation does in fact materialize, resistance will be found from $7200-$7500.