Today we are watching BTC begin to interact with strong support level at $6,750
We are very close to Support Levels These are support levels I've been talking about a few weeks worth of past posts. Proper support is about $6,750. We are very close to it here.
This support area is made of these:
volume node (purple) 6630-6760.
original break out of inverse H&S (teal) 6770- we've touched down on this:
23% fib 6760.
long pole resolution <6900.
wyckoff throwback: 6753
This support level could push us up to 9k-10k where there is strong resistance. From there the market will decide to push us back down to support at 4.3k (likely) or will break up out of 10k (exciting).
We had a 4 part bull div on the 4 hour RSI recently. It played out for 2 periods, but now looks like something of a rejection of that, as we are close to new lows now against the lowest 4 hour close. I'd watch for a touchdown on that proper support at $6,750 before taking a long.