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Today’s report will include:

Updated Technical Analysis
Other key market developments
Market Psychology
Trading Tools

Bitcoin Local Resistance 📈

In Today’s analysis -Bitcoin- having a strong rise after tapping the key $89,900 support level mentioned in the previous updates. Price action is now approaching a key resistance zone.

Points to consider,

$102,213 High Time-frame Resistance
.618 Fibonacci Resistance
Value Area Low Objective

The $102,213 is a level of resistance that is in confluence with the .618 Fibonacci and the previous swing high. Testing this area with a swing failure will potentially mark the local top for Bitcoin.

The objective for this correction will be the value area low that is situated around the $92,620 region. This will continue the rotational price action with further consolidation likely.

Overall, from Bitcoin Insider’s perspective, there is a valid short trade that can be taken with a swing failure pattern, price action is to be used upon discretion/ management.

Hope this analysis helps.

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