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BTCUSD – Bitcoin
Bitcoin failed to materialise gains on current crypto frenzy , after coming close to 105K – level that I mentioned several times in previous days/weeks as one of most probable Profit taking levels.
Supports now come at : 92.900 , 89.800 & 86.150
After this savage profit taking , time will be needed to calm down the panic and convince buyers that it might go if not more, at least to reach 105 level again.
BTCUSD DAILY CHART – What can I say about Bitcoin?
What can I say about something that moves up 6%, then down 13% and back up 11% before settling in a range around 100K?
My first instinct is to say, where’s your stop?
For trading, 100K is the obvious bias setting level and use round numbers like’
90K, 95K, 100K, 105K 110K
rather than fine tune with technical points.
Market will likely stay in a bid on dips mode but needs 100K+ to make it a strong bid.
BTCUSD – Bitcoin
Supports : 94.500 , 92.500 & 90.750
Resistances : 97.500 , 99.000 & 100 K
Close tonight above 97.500 would be a signal for another attempt at previous high within a day or two.
Any failure to overcome given resistances would push coin into deep correction.
Only barrier between going back to 70K zone is 85.500
BTCUSD – Bitcoin Daily
Supports : 90.730 , 88.600 & 85.450
Resistances : 94.250 , 95.075 & 96.975
So far this drop looks like a correctional phase, and as long as it stays above 85.450 it can go for a new high.
It is quite possible to have another rally reaching 108.500 , but I am not recommending any adding to existing positions or establishing a new one – use that rally if it happens to close your longs boys and girls….
BTCUSD – Bitcoin
High so far 99.804,98 – few bucks short of 100K 😀
So what next ??
Technically speaking , it has more room to go – that upper trend line is at 108.285 right now.
Experience wise : we should see another 2-3 days of blow of rally…
Trading wise – it is about time to cash in on any further rally.
XAUUSD DAILY CHART – WATCH 2600
Reversal of fortune: Bitcoin up, Gold down
If I had to pick a target for the XAUUSD retreat it would have been 2600, which has been tested as the retreat from the record high continues. Low so far 2595.
So 2600 now becomes the pivotal level that needs to become support or next risk is for another $50-55 on the downside.
The straight line move down has left resistance far away so using other time frames, 2626/43/75 are some levels to watch.
