Little has changed for Bitcoin since yesterday. $65,981 is still the current valid 4hr support level, and we are seeing $66.9k (Monthly Open) act as resistance once again after deviation above yesterday. It is not unusual to see more volatility on a Sunday than on a Saturday, so I am interested to see if BTC makes an attempt to reclaim $67.8k (Weekly Open) at the last hours. Alternatively, losing $65.9k today could set the tone for further downside before a bounce.
After Bitcoin spent the majority of yesterday being driven by the news, the recent 4hr candle close saw a strong reclaim of the 4he EMA200 (yellow line). At the time of writing this, so far there has been a successful retest of the area and BTC is now trying to push higher.
There is resistance just above at $71.8k (Monday High), but any 4hr reclaim of this level could see a fast move towards $73k-$74k. For now the most likely 4hr range is $70.1k - $70.8k.
Bitcoin starting the week with volatility as price action is once again driven by the situation in the Middle East. A strong move up across markets when Trump announced a pause on Iranian strikes, and a retracement when Iran rejected his statement.
We can see the BTC 4hr close just came in under the 4hr EMA200 to confirm the resistance above $70.8k. It is Monday and the markets have not opened yet, but I am watching for a clean break of $71k which could start a move towards $73k. No break of $71k and there is a strong chance of returning to $68k area at least.
After escalations between US/ Israel and Iran last night, Bitcoin has now accepted below the $69.2k level (2021 ATH) which we said was key to hold as 4hr support if we are going to see $72k retested.
This now opens up a move towards $66k - $65k, but right now BTC is fighting to hold onto $68.6k which is the current Weekly EMA200. After a reclaim of this level last week, we are looking for this to hold as support at the weekly close, otherwise we could see a stronger sell off next week.
Little change for Bitcoin since yesterday. It is still trading above $69.2k which is key to hold on the 4hr chart if we are going to see any push towards $72k before the weekly close.
$71k is still a level of resistance, so it seems likely that the range today will be $70k - $71k with a usual low volume Saturday.