From a technical price point - $53,988.2 is a support level that is in confluence with the .618 Fibonacci and the Value Area Low. This area is a potential long zone if bullish price occurs: more discussed in TA section.
There are technical areas on the chart that indicates resting liquidity. Resting liquidity is where stop-losses are placed that have remained un-tapped - more discussed in the TA section.
The most key local support currently is the .618 Fibonacci, Bitcoin needs to have a bullish reaction here to signify strength. If price action fails, it will simply continue the bearish trend.
The 200 MA was previously tested , price action held the level for a considerable period of time. The consolidation eventually lead to a break which resulted in a strong expansion.
Consecutive lower lows and lower highs have been the theme for the past few weeks. Bitcoin has simply not changed its market structure to allow for a trend change.
The recent data on Bitcoins price action has remained somewhat the same over this week. Price action still has not broken its key resistance zone - that being the .618 Fibonacci.
Price action is heading towards both dynamic support and resistance levels- these are converging which will create an apex that price will break from.
Price action is trading in an equilibrium that is fast approaching and the .618 Fibonacci has continued to remain as resistant - more disused in the Technical Analysis section.
Over the past few hours, price action has promptly filled the gap and now is consolidating back under - could the high of the week be in?
The current move has left a Gap to the upside, this is because price action closed below market on the weekly open. The CME does not trade the weekend which causes these gaps.
Bitcoin's price has surged past $61,000, boosting the overall crypto market by $200 billion, all thanks to former U.S. president Donald Trump's bold idea to tackle the $35 trillion national debt
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