Yet Again Bitcoin! Failure to close above $30,715 🧟

Looking for downside as we move into the next Daily candle for a few reasons. We have had 3 Daily candles back to back fail to close above $30,715 Daily Resistance which was initially created on June 24th. this resistance has held for nearly a week now after a 25% pump from the lows. In the short term it's fair to anticipate a bit more depreciation in bitcoin value. Bitcoin is currently in a range and has been since the 23rd of June. The price behavior has been alot less amusing than the prior week. Just yesterday after dipping into Daily support at $29,901 .. it only took about 15 hours before price ran 2.8% back to the highs. The high of the range $30,715 said " not today" and price still sits in the range. Price is currently in the top half of the range.

I believe Inflation red folder news tomorrow during NY Session will help lead the way down and retrace back to at least our newest daily support level $30,085. At that point in time, if we get there, we will reassess. If we've entered the Fomo phase, why have we not continued pumping. Price is stalling at Medium term highs as the Monthly candle comes to a closure.

As the new monthly candle opens in 24 hours, it will likely create a bottom wick before it attemtps to drive up. That is the idea for this retracement into the new monthly candle

1Hr Timeframe

Commentaire:

Price suddenly dropped 5% and I would expect nothing less during the close of a monthly candle. Buyers pushed price to Daily resistance level 31,338$ before taking profit and allowing sellers to push price back to the downside at New york stock exchange open. Price was supported by our Daily S/R Zone $29,502$ and has now returned to being back inside our daily range for the time being. Looks like we may be looking for a wild weekend of trading ahead of us with this monhtly candle closing bullish up here near $30K