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Today’s report will include:

BITCOIN Technical Analysis
Market Psychology
Trading Tools

Bitcoin High Time-frame Range

Eventful 24 hours with Bitcoin bamboozling the bulls and the bears, price action now finds itself back at resistance. It is important to monitor how price action forms around this area, a rejection can lead to lower prices.

Points to consider,

Value Area High Resistance
.618 Fibonacci Resistance
Daily S/R Resistance
Single Price Resistance
Trading Range High
Daily S/R Support

From the amount of technical points listed above, it is clear that price action is approaching an area of high confluence. The Single Print (AKA FVG) has merit to be filled, it is confluent with the .618 Fibonacci, the Daily S/R Resistance and the Value Area High, creating a case for a wick to be formed upon the re-test.

Another noticeable structure is the current Trading Channel, previous tests have all equated to dollar respects. A re-test of the channel high will be inside the confluent zone, this simply adds to the probability of a wick being formed.

Overall, it is important to remain aware of the current resistance approaching, a short trade is valid upon an entry trigger. The immediate objective of the trade will be the lower Daily S/R Support situated at $93,519.9.

Hope this analysis helps.

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