Bitcoin has continued its bullish momentum to the upside, only one area of resistance remains before new all time highs.
Extreme care needs to be taken shorting there levels, if we see many shorts opening around the £105k area and price not moving down then its likely to end in a short squeeze and these shorts will add fuel to the move up when they need to buy back their positions.
Todays levels of support where price may, or may not give a reaction are:
- 101,099 – dnPOC, local 0.618 retracement.
- 94,000 – dNPOC (Daily Naked Point of Control) in confluence with the aVWAP.
- 91,600 – dNPOC (Daily Naked Point of Control) in confluence with liquidity on the 24th April low.
- 85,100 to 83,600 – Zone containing wNPOC (Weekly Naked Point of Control), dNPOC (Daily Naked Point of Control) and Daily Level and 0.618 fib level.
- 82,500 – Monthly level, 0.66 fib and area of liquidity.
Todays levels of Resistance where price may, or may not give a reaction are:
- 104,694 – Monthly naked point of control, daily level, range value area high.
News events to be aware of:
- None.
The above levels are intended as areas of interest only, they are not in anyway financial advice and a valid entry trigger, stop loss placement and target needs to be considered before entering any position