Market Update -
The NIKKEI just had its biggest crash on record.
So far the biggest reaction from BTC has come from $49k which was the daily highs of BTC ETF launch day. For now I am waiting for the Monday range to form, as the knock on effect into the US open will be critical today. Watching to see if $53.2k (Prev Month Low) gives BTC some support by the end of today.
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Market Update - 7/17/2024
Bitcoin is still looking strong and we now have acceptance above $64.8k (Monday High) which is holding as 4 hour support for now.
The heatmap is showing an increasing liquidation level at $66.5k so a good chance we sweep that soon if $64.8k continues to hold. The key levels below, to watch for any retest, is $62.7k and $61.5k.
https://image.nostr.build/70244da6769b43b2d375bc1cfe706f3ed023fb3e9b1fb36055949e2d12138673.jpg
Market Update - 7/16/2024
Bitcoin is showing signs that $62.7k (Monthly Open) will become 4 hour support. After this morning's rejection of $65k we now have 4 hour supply at $64.4k, just under the Monday High, which is likely to be significant resistance.
We are starting to see Mt Gox move significant amounts of BTC around, so there is a little uncertainty from this FUD. Be aware that this could cause some bearish momentum and we do have some key levels below that have not been retested since the breakout- most significantly $61.4k (Prev Week High & 4hr EMA200.)
The Monday range this week is $60.6k - $64.8k.
# Why the market updates?
It's not that I think you should trade, it's that I think you should have all the proper information that allows you to make an informed decision about your own financial future while saving yourself from research fatigue.
If bitcoin is money, then knowing when dips are coming to buy, and when moons are coming to spend.... might behelpful for regular people to
maximize their TEV;
Time
Energy
Value
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Market Update - 7/15/2024
For the first time in over a month Bitcoin is trading above the 4hr EMA200 (yellow line.) We have seen the bullish momentum continue throughout the weekend, and the price is now 15%+ up from our perfect bottom snipe last week. The price now looks to be consolidating around $62.7k monthly open level.
For now I am happy to let the Monday range develop, and looking for a reaction on a retest of the 4hr EMA200. A word of warning- BTC has created a huge CME gap this weekend and if this is to be closed it means a move down to $57.9k.
https://image.nostr.build/fe96c10f45387a1048bf607f1ae26e154be95a9579552da2ae042fe5ce65e853.jpg
As mentioned yesterday in the premium group, 4 hour acceptance above $59k was likely to give a quick move to $60k and that is exactly what played out. Yesterday was the first daily close back above $58.2k (Daily EMA200) which is significant- we do not want to lose this level again. Next key resistance on a higher time frame will be the weekly resistance at $61.4k area.
Link in bio for more!
Would have known we are going to 60k with the link in my bio....
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7/12/2024
Yesterday Bitcoin saw another strong rejection above $59k (DM VAH) and another daily close below $58.2k (Daily EMA200.) The German Government is almost out of BTC, so the selling pressure should reduce from that direction soon. We also have the US Dollar showing weakness, so this is a catalyst for a bounce soon.
For i am in no rush. I have my limit set for lower and will watch price action develop.
I will continue to post free updates on Fridays & Tuesdays for the nostr community.
Then, if you'd like them daily, click the link in my bio.
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The goal is adoption. If a no coiner can't do it in an hour, why bother?
A homeless man can install 4 apps on his free phone;
1)Amethyst
2)Speed Wallet
3)Telegram
4)CashApp
And next thing ya know he's selling a pdf of all the little tips and tricks he's picked up drywalling, growing weed, etc and earning bitcoin....
https://image.nostr.build/3253eafce30d832161caa4dc8ef60e05f2896cd9334e0379bece4ee90c107a47.jpg
7/8/2024
Overnight we saw Bitcon drop down to the mid $54k area. A great reaction so far but no surprise to see the resistance is still $58.2k (Prev Month Low & Daily EMA200.) As this level was such a long term support it is normal to see it flip into strong resistance. A daily close above $58.2k and I will have more confidence of the bottom being in.
If we continue to reject, not only have we got a significant block of orders at $45k, but there are also increasing bids in the $40k area. Although a move this low seems unlikely, we cannot ignore growing liquidity there.
A great start to the week, let's make it another big one!
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7/7/2024
Bitcoin continued to recover yesterday, but as expected we have seen a rejection from $58.2k which is the Previous Month Low and Daily EMA200. For now I am happy to wait for a sweep of a little lower or a reclaim of $58.2k.
If we accept back above this level then I expect the price to push back towards $60k where I can see there is a growing amount of sell orders.
https://image.nostr.build/c12d26fe25abb2b0cf122fba07862229f2d466cb6ac7ecbaca8c021b9c381662.jpg
Update 7/6/2024
Bitcoin held above the daily demand zone and has given a good 6% bounce from the lows of $54.4k. Considering we have just seen a big move, and it is the weekend, I expect that we see low volume today.
We are already seeing signs of choppy price action. I do not rule out a sweep of $54k/ $53k again in the coming days, and I am also looking for a daily close back above $58.2k. This would signal acceptance back into the previous range and a reclaim of the Daily EMA200.
https://image.nostr.build/82daf9328d9321e7c872c313a706c370e7598bd21956422ca06af58731702235.jpg
7/5/2024
Another brutal day for Bitcoin with the price dropping over 10% since yesterdays open, losing the daily range and also the daily EMA200 for the first time since October. I mentioned yesterday that the price could drop below $55k because I was watching liquidity building... most didnt think it was possible but we have event tested below $54k this morning. Right now we are seeing a daily demand zone below acting as support.
What next? If the selling pressure is not over then we have liquidity in the $52k-$50k region... I am also seeing significant orders building at $45k so this cannot be ruled out!
Sorry it's super late I had to much fun last night.🎆
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The agressive sell off continues on Bitcoin, and the todays candle close becomes very important. If we close below $58.2k (Prev Week Low & EMA200,) then we would have lost the daily support level and range for the first time since February. This would also be the first loss of the daily EMA200 since February! If that happens, I am keeping my eye on areas below $55k, huge liquidity is building there over the past 24 hours and we know what that means!
Let's see what we get today, but remember the US markets are closed for Independence Day.
Did it again. We closed below $58.2k. 🥱
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We are seeing high selling pressure in Bitcoin this morning. The CME gap at $60.5k has been filled and shows no signs of a bounce yet. The price has just swept below the $60k psychological level, and if we do not see a reaction soon then it seems a good chance we sweep the Previous Month Low area.
We have the release of the FOMC minutes tonight so can expect further volatility here.
Follow for more.
#🌝
Was in a rush this morning.
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The Monday range for Bitcoin this week is one of the tightest we have seen this year- Just 2.2% between the high and the low. This means we are likely to get more choppy price action until one of the levels break- Monday Low at $62.5k or the Monday High at $63.8k.
We have liquidity growing under $62k and also above $64k, so a sweep of one of these could give us the range break we are looking for. I will look to set some limit orders when I see clearer areas develop.
https://image.nostr.build/809ae62a0157929f1f593404be53fbba1d917daa1dd99149bdc87fb8fb7087d2.jpg
The idea shared yesterday played out- acceptance above $62k and a quick move to $63.4k. This is where we have resistance at the Previous Week High and it is also the June VAL.
So far we have seen a 1% rejection from this level. Whilst we wait for the Monday range to develop, keep these 2 key levels in mind- We have a CME gap below at $60.5k, and a very large amount of sell orders above at $65-$66k.
New month, let's make it an amazing one!
#🌝
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Bitcoin has seen an increase in volume over the last couple of hours, but we are still trading within the choppy range that we saw mid-week. After accepting back above $60.7k, this has been tested as support and given a nice reaction but still no break of $62k.
Tonight is the weekly close/ Monthly close and Q2 close, so watch out for some volatility and a potential break of range today. If we break above $62k today there is a chance of a fast move up to $63.4k.
Bit late but better than never i suppose;
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Over the last few days we have been watching the Bitcoin buy wall under $60k. Be aware that this morning these orders are no longer there. This is not uncommon with big orders cancelling over the weekend. We have once again seen $60k hold strong as it was tested again during the night, but we have not seen enough volume to see any significant bounce so far.
The trendlines on the chart
show that the price action is compressing and very soon we will get a bigger move. Until Bitcoin makes a decision we will continue to look at shitcoin set ups.
https://image.nostr.build/713ea367bbe6b629996915efeb32100f928e9ded1a46e13d0759b1022446f7e0.jpg
Bitcoin continues to chop around in a tight range which means we are getting closer to a big move. Right now there is no clear indication which way that will be, but this will be decided by breaking one of 2 levels. $62k is still a big 4 hour resistance, with more rejections there yesterday. $60.7k is 4 hour support. Whichever of these levels breaks will tell us where we go from there.
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The price action on Bitcoin is still slow- choppy and slow bleeding. Yesterday I mentioned that $62k was resistance and this was the case on multiple re-tests yesterday. Now BTC is looking weak above $61k too. I cannot ignore the big liquidity still under $60k, it is very likely to be tested even if we do not make new lows.
Maybe a liquidate late longs and pump scenario. We have US GDP today so there is a chance of volatility from this. We have limit orders in place and I will be ready to react to whichever way the price breaks.
https://image.nostr.build/265bde6569a0f6494e1a2a754a3fcc406734378043b6c731143197a7ae5baed9.jpg
Bitcoin is currently rejecting $62k. The past five 4hr candles have tested and closed below this making it a key resistance level. If we get a strong 4hr close above this level then we can continue to look towards the $63.4k area (Monday High.)
I am still aware of the big level of liquidity sitting at $60k and below, so I think there is still a good chance of a retest lower before the next leg up.
Looks like we didn't get that strong 4hr
Follow for tomorrow's update.
Zap/Share to support.
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Bitcoin Market Update -
After an aggressive sell off yesterday, finally Bitcoin gave a reaction and some strength from the $58.2k area. We are starting to see signs of 4 hour resistance at $61.3k, which was also a previously strong daily support so we need to be careful around here.
If we can close a 4 hour candle above this level then we could be looking at a move back towards $63.4k (Monday High.) But be aware that liquidity is growing again under $60k, so do not rule out another sweep of this.
Looks like we closed above $61.3k. Stay tuned for the next update.
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I will continue to post free updates on Fridays & Tuesdays for the nostr community. Then, if you'd like them daily, click the link in my bio. $1 in sats for 3 days $100 in sats for a lifetime of updates {Goal - 70 Lifetime subs for the S21 Pro 230/ths}