Bitcoin to revisit $100k | Summer price target = $120k

昨天

Geopolitical tension is causing fear in the markets. Today, Bitcoin fell from $107.7k to current price $105k with no sign of buyer support whatsoever, printing 11 consecutive H1 red candles intraday. Like a hot knife through butter.

At $105k, there is very little support. Sell volume absolutely overshadowed the tiny buy volume. Bulls have yet to close a green candle. I believe in the next few hours Bitcoin will be trading at $104k, followed by the first stop $102k.

$102k can serve as an entry point, depending on how price reacts. $100k is the optimal entry point for maximum profit, after mass liquidations. Retail traders are confident that the liquidity hunt is over after the initial tap, placing stops and liquidation levels at $100k.

Invalidation level will be beyond the 200SMA. The 200SMA have historically proven itself time and time again as a safe zone during rallies after golden crosses.

昨天

註釋

Price fell through $105k like it was nothing. Current price = $104,500

21 小時前

註釋

13 consecutive red candles on the H1 chart. Is this a first?

The daily timeframe 50SMA is serving as support @ $103.8k, but there it is lacking follow up with volume. If it breaks below, next support is $101k.

13 小時前

註釋

The 50SMA is still holding up, and volume is starting to pick up. Looking at the M15 timeframe we can see four large green candles from the 50SMA. If buyers are able to reclaim $106k, it will confirm the support rejection and move towards $108k

10 小時前

註釋

Buyers stepping in to defend the $104k zone. In order to confirm a full reversal, price must close above $107k (above H4 moving averages).

6 小時前

註釋

M15 chart shows buying pressure deteriorating, breaking below the ascending triangle and challenging the 50SMA.