Hello Bitcoiners! Yesterday the price closed at $76.7K after REJECTING the $78.6K level at $78.8K. Without a RECLAIM of $78.3K today it is more likely the price revisits $76.3K than it is to break through now heavy RESISTANCE at the $80.3K Fib Pivot.
What we’re looking for now is whether the price has enough MOMENTUM to carry to the Upper Bollinger Band on this 4H compression that I’ve been covering more with the 4HR Break Room Members. I talked about it on YouTube as well, fairly normal to see COMPRESSION on the bands resulting in a fakeout to either side before trend is clear.
Most important level to pay attention to structurally is whether or not price can break back ABOVE $80.3K. If it cannot then $76.3K and LOWER toward the Weekly SMA is much more likely but ultimately it will be affected by the outcome of the elections as well.
See you tomorrow!
- Jacob
PS. I am in no trades. Happy with my Profits and was correct to close both Shorts last weekend. There is an argument for catching this move toward $78.6K and $79.6K to the upside that I’ll cover more on YouTube but it’s thin - I’d prefer a more clean entry and I’m still of the opinion we do see a flush lower toward $73.8K before the real rally begins.
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