Beans

$BTC has seen some MAJOR short term moves following the midterm elections last night! During voting, we saw price briefly wick down to retest our last major support level around $75k, before seeing a MAJOR move this morning. We have just seen price rally HARD directly into that $80k level of resistance that I’ve been keeping a close eye on. This level is EXTREMELY important for price to reclaim if the bulls want to sustain this rally. As of right now, price is struggling to definitively break through. If we see a rejection from this level, then I’d expect a dump back towards $76k. However, if we can break back above $80k, then we will likely see price move towards the next major level of resistance at $82.8k. Price is currently sitting at a VERY important level. Keep a very close eye!

Some pretty volatile short-term price action here on $BTC… As I discussed a few days ago, if Bitcoin was able to bounce from its $80k support level and break above $82.8k, we would likely see a continuation into $85k, which is exactly what has played out! We have since seen price reject quite hard from $85k and fall back down to its support at $82.8k, which we could see act as temporary support. If we break back below $82.8k AND break the trendline that price has been forming over the past few days, then I’d expect the $80k level to be difficult for price to hold once again. Keep a VERY CLOSE EYE on price action for the rest of the week. I told y’all I had a feeling price action was going to start getting volatile again.

$BTC is hanging on the edge of a cliff… 👀 Price has once again come down to retest $80k before seeing another bounce… but this time, we have yet to see price successfully reclaim and hold above $82.8k-$83k. If price continues to fail to hold above $82.8k-$83k, the likelihood of $80k continuing to hold as support decreases significantly. If price does lose the $80k level of support, we will very likely see a pullback into the mid 70s. And if price can’t hold there, we will probably see a violent move into the low 70s. But until price breaks below $80k, we should continue to expect more chop and volatility throughout the week.

Quick update on the $BTC short term charts… 👀 Price is once again coming close to retesting that $80k level of strong support, which we have so far been able to hold over the past week. I’ve talked about this level EXTENSIVELY for well over a week now, so I won’t spend too much time discussing it yet again today. But the key things to watch for the rest of the weekend are whether $80k can continue to hold as support and whether price can reclaim $82.8k (the May local high) before we see the weekly open tomorrow. If we break below $80k, price will very likely see a strong flush into the mid 70s. Until then, we will likely continue to see more chop between the two levels I outlined above.

$BTC has seen a nice bounce from its support once again… 👀 This weekend has once again been quite slow, with Bitcoin retesting the $80k level of support before seeing yet another bounce. For this bounce and rally to truly hold, we MUST see price break back above and HOLD above $82.8k. If we continue to see retests of $80k day after day without a significant bounce above $82.8k, then it’s only a matter of time before the bulls fail to defend that support level. Keep a VERY close eye on price action this week, especially the $80k level. If we lose $80k, price will very likely see a strong flush into the mid 70s, just as I’ve been talking about over the past few weeks.

$BTC is still holding very strong support… I’m keeping this update very brief, as nothing significant has happened on the short-term charts yet again… Until we see a clear breakout above $82.8k or a breakdown below $80k, all this chop means absolutely nothing. I do think we should see some very volatile moves this week, as it’s highly unlikely that multiple weeks of this choppy price action will continue for much longer. Keep a close eye on both of the levels mentioned above. Everything else is just chop and BS.

$BTC is continuing to respect its major support at $80k… 👀 I’ve been talking about how important this $80k level is for the past few weeks now, and price action has continued to prove me correct. Yet again, we have seen price retest and bounce from $80k today, but we are still seeing more and more weakness with each bounce from that level. If we break below $80k, it is very likely that we will see a sharp pullback into the mid 70s in a very short period of time. This is the main level I’ll be keeping a close eye on over the weekend and as we head into the weekly open on Sunday evening. Keep a VERY close eye!!