Update
BTC running into nice resistance here at the 45k level, you can see we have hit this price several times and a drop has shortly followed. I will say the more times we test the weaker it becomes, so hoping to finally break that level and see a continuation.
I am expecting a retrace back down but the same as my eth analysis last night I would really like to see it hold strong so 0.5-0.705 before a bounce we're going to need bullish momentum to get above the 45k mark and a strong retrace would indicate that.
I also like that we're holding this bullish structure so a retrace of that support would be healthy as well, I don't want to see a 4h close below that because then we break structure. we have a big move on the 4h highlighted by my green box, that is enough confluence to enter a long position If we find support there aiming for the 45k level leaving a small portion to run incase price breaks.
If this move gets invalidated by a big drop expect support at this top yellow line and then eventually down to the grey box, at that point I will do another update determining where I think price will go.
all looks good for BTC but it's make or break at these levels.
BTC running into nice resistance here at the 45k level, you can see we have hit this price several times and a drop has shortly followed. I will say the more times we test the weaker it becomes, so hoping to finally break that level and see a continuation.
I am expecting a retrace back down but the same as my eth analysis last night I would really like to see it hold strong so 0.5-0.705 before a bounce we're going to need bullish momentum to get above the 45k mark and a strong retrace would indicate that.
I also like that we're holding this bullish structure so a retrace of that support would be healthy as well, I don't want to see a 4h close below that because then we break structure. we have a big move on the 4h highlighted by my green box, that is enough confluence to enter a long position If we find support there aiming for the 45k level leaving a small portion to run incase price breaks.
If this move gets invalidated by a big drop expect support at this top yellow line and then eventually down to the grey box, at that point I will do another update determining where I think price will go.
all looks good for BTC but it's make or break at these levels.
