BTC tops out for retrace to strong support

前天

Today BTC was unable to hold price above 102K to claim this level. Despite a news thread spinning this idea the price range for BTC has kept within neutral territory of 92k and 100K. There has been an 8K price range between strong support at 92k and resistance above 100K.

The overall bias has been bearish leaning towards a large gap fill waiting to be collected at 74K for a discount price buy-in. The day chart shows this to be still evident despite trading in the lower time frames which has been within that neutral price zone.

Due to BTC not holding the 102K level it would suggest that big money is interested to exit positions and create a new floor for a near term discount price to buy big at the technical level of 74K.

This will likely be the momentum needed to drive through to 140K for a new high and onwards into 2025.

I entered a short position at the neck line of the head and shoulders pattern which i noticed forming when the head was complete and the right shoulder was beginning to form. This was a chop shop day in Australia waiting for confirmation on bull or bear for BTC.

The bears won.

I traced out the resistance trend lines off the tip of the candle wick high 102k level and these ran through the head and shoulders to trace the expected price retracement levels as these are respected.

Price is moving into a bear flag consolidation and perhaps more news will break.