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#Marketupdate After a 5% drop yesterday, Bitcoin has now started to accept under $70k. Notice that $69.2k (2021 ATH) remains a key level, with the recent 4 hour candles all reacting from that area. I managed to sync the move down with a nice long entry, but from here I am looking for a 4 hour close back above $69.5k (Prev Week High.) I do not want to start seeing any acceptance below $69.2k, otherwise I expect BTC retraces to the mid $67.5k area. New month, let's make it another great one!
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#Marketupdate Yesterday we mentioned how $71.6k was a key level to watch out for a retest. We can see that 3 consecutive 4hr candles reacted well from this level. We have some demand at $72k now which I want to see hold as 4 hour support. The 4 hour resistance now is $72.6k, so any acceptance above this level and we can see a new ATH arrive quickly. To the downside, any breakdown of $71.6k then I expect a retest of $70.3k (Monday High.)
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#Marketupdate A strong day for Bitcoin yesterday - very close to making a new ATH. It's a huge mental level so I'm not surprised that it was rejected right before. The price closed the day above the daily $71.6k daily resistance (red line), which is a very good sign, and if we get any retest of this area today, I'll be looking at the strength of the reaction. Nice consolidation above $72k now, so a new ATH is still likely soon.
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