It is now quite obvious that price action is in a local downtrend, weakness still prevails with lower price looking more attractive as time progresses.
Bitcoin's price action has had a local correction, this was expected and explained in yesterday's issue. Price action was at a clear resistance zone with low timeframe weakness.
Bitcoins developing price action is finding acceptance back within its trading range, a rotation to lower support is probable.
Bitcoins price action is trading above a significant level of support - $64,616 - a retest of this price point is probable.
The channel low support is in technical confluence with the .618 Fibonacci. Price action has a high probability of bouncing from this region upon the first test.
A prevalent high on the chart remains, this is an area that has high timeframe technical confluence, more disused in the Technical Analysis section.
Price action is forming a pennant formation that will breakout in the coming hours/days, will this breakout be a false-break?
Bitcoin is still at the resistance zone mentioned in yesterday's update, a region of technical confluence with a potential Butterfly Harmonic at play.
Over the last 24 hours, Bitcoin has continued to trade with a bullish market structure, however critical resistance is now approaching.
Over the past 24 hours, Bitcoin has had a small correction, however it continues to trade within the larger channel with a bullish market structure.
Bitcoin's price action within the last 24 Hours has had a local trend change after finding support from the channel low.
Over the past 24 hours, Bitcoin has had a correction, currently trading between key support and resistance levels.
