Crypto Chiefs - @chiefrafba

Market update- Bitcoin is continuing to look weak, and for this reason I prefer to play safe and have patience. It is clear that $65k+ is a huge barrier for BTC, after another rejection from here yesterday. For now $62.8k (Monday Low) is holding as support, but no strong reaction yet. If this is lost, I expect mid $62k area at least. The Monday Range this week is $65.4k - $63.8k

Market update- Bitcoin continues to have support at the $64.8k area, which is the new weekly open. The price action remains choppy, and $65k is proving to be a strong level of 4hr resistance. For now I am watching the Monday Range play out, but a 4hr close above $65.5k and the uptrend could resume with a push towards $66.9k (Prev Month High.) $64.3k area is my first level of interest for a lower retest, but just observing currently.

Market update- It has been another few boring days for Bitcoin, with the $65k resistance level continuing to be a barrier to further upside. At the time of writing, BTC is a few minutes from breaking this level, and if we get a good retest at $65.8k to confirm support, $65.8k will likely be next.

Market update- Bitcoin hit $65k yesterday as I expected, but there is clear 4hr resistance here just as there was this time last week. $64.3k is now a potential 4hr level that I am looking at on a retest before another attempt to break $65k. If $65k is broken on the 4hr timeframe, then we will probably see $65.8k soon after.

Market update- Bitcoin has broken out from the 2 week long 4hr downtrend and also has 4hr acceptance above $64k (Monday High). So far there has been no strong follow through from this level, but equally every 4hr close has maintained $64k as new 4hr support. There is an opportunity to try a long from this level, because as long as the Monday High is held as support then we could see BTC push towards $65k and $65.8k. Invalidation could be acceptance back below $64k on the 4hr chart, where I would then be looking for a reaction around $64.5k first.

Market update- Bitcoin has continued with strength since sweeping $62.3k (Prev Week Low Area) yesterday. This is now looking like a potential double bottom; however we can see that BTC is under a big resistance level on the 4hr timeframe. There has been no acceptance above $64k (Monday High) yet, and we are seeing a number of rejections of the 4hr downtrend which BTC has been in for a full two weeks. Watch for a 4hr close above these levels today, as this could start the move towards $65k and $65.8k. The Monday Range this week is: $62.6k - $64k.

Market update- Bitcoin continues to respect my levels- $63.5k is still strong 4hr resistance, as we expected, and this is now our weekly open level. BTC has given another retest of my long area this morning, around $63.3k, with a positive reaction so far. However, we cannot rule out a move below $62k in the short term until the resistance at $63.5k is broken. Patience for now as we watch how the Monday Range develops.

Market update- Bitcoin finally reached my Long idea at 62.3k last night, which was the level I had been waiting for since the start of the week. This has given a good reaction so far of 2%, especially considering it is the weekend. As expected, $63.5k is the 4hr resistance now so I will be watching to see if further strength enters the market around the weekly close for a potential push back towards $65k.

Market update- Not much for me to do here other than continue being patient. Frustrating that my BTC long idea missed by less than $100 yesterday, before giving a reaction, but in the process the Monday Range has been lost. My idea remain valid, but I do expect $63.5k (Monday Low) to be resistance if it is retested today, particularly because of the lower weekend volume.

Market update- After Bitcoin broke out from the 4hr downtrend (orange trendline), we can see that it rejected exactly from $65.4k (Weekly Open). Since this, the price has retraced back inside the previous downtrend, confirming deviation, and back to $65.3k (Monday Low). At the time of writing, $63.5k is holding as support. We could look to take an entry here in anticipation of the Monday Low holding and look for a push higher. There would be easy invalidation on this idea- acceptance below $63.5k on the 4hr time frame. I personally still have interest in lower areas, as per my limit idea, which remains valid.

Market update- Bitcoin is currently pushing into the 4hr downtrend resistance as shown by the orange trendline. This downtrend has been in place since early last week, so I am watching for a breakout. Confirmation of a breakout could see the price push back towards $65.7k (Monday High) once again. Another rejection from the downtrend and we could be looking to $63.5k (Monday Low) again which has been solid over the past couple of days. Still not ideal trading conditions so far this week, with BTC ranging less than 2% over the past couple of days.

Market update- We have seen the Monday Low reclaim scenario play out for Bitcoin, as highlighted in yesterday's update- Once $63.5k was reclaimed on the 4hr time frame, this has been back tested to confirm new support before pushing towards the supply starting at $64.5k. We can expect BTC to continue to face resistance in this area, up towards $65k. Later today we have the FOMC interest rate decision, and the press conference, which could bring volatility. I will be watching to see if this level can be flipped, or a retest at $64k and just below to see if this provides a reaction.

Market update-  After continuing to face resistance at $65.3k (Weekly Open) yesterday, Bitcoin has given a more aggressive rejection and currently finds itself trading below the Monday Range. Since $63.4k (Monday Low) was lost on the 4hr time frame, there are early signs that this is becoming resistance too. I will be looking to set a limit order slightly lower, in anticipation of further downside. I will also be watching for a 4hr reclaim of $63.4k as this could see a push towards the fresh supply at $64.5k - $65k.

Market update- Bitcoin is facing 4hr resistance at $65.3k (Weekly Open), and whilst this resistance remains, I am interested in waiting for a reaction around $64.5k. This is a tight range that BTC is trading in, and the conditions have not been ideal in recent days, so patience is my best tool right now. If BTC can flip the $65.3k resistance into support, then the next likely move would be towards $67k (Prev Week High) area. For now I am waiting for more of the Monday Range to develop and will look to set some limits when the picture becomes clearer.

Market update- Bitcoin continues to respect $63.7k (Monday Low) as support and is still moving slowly back towards $64.7k (Weekly Open.) So far, this level has not been retested since it broke a couple of days ago, but with low weekend volume this is not a surprise.  For now, I am just observing what happens as we approach the weekly close when volume usually picks up, waiting to see if $64.7k is reclaimed to end the week with a green weekly candle.

Market update- Once again, the levels that we have been tracking for Bitcoin have played out- yesterday we saw the sweep at exactly $63.7k (Monday Low.) So far we are seeing this key level hold as 4hr support, and as long as this holds BTC has the chance to retest the $64.7k (Weekly Open) area. I do expect to see resistance here if this is tested today. The reaction at $63.7k has not been particularly strong so far, as it has struggled to even provide a 1% bounce, and if this level fails too then I have my eyes around $62.5k.

Market update- I mentioned yesterday that we were likely to see Bitcoin retest $64.6k, and that is the exact level that provided a bounce. However, as expected, $65.8k (Monday High) remains the clear 4hr resistance with the price rejecting exactly from that level. This now gives BTC a tight 4hr range of $64.6k - $65.8k, and we need to keep an eye out for which one of these levels is broken first. If $64.6k is broken then a sweep of $63.7k (Monday Low) is a real possibility. Or 4hr acceptance above $65.8k and $67.2k is back on the table.

Market update- After spending most of yesterday holding $65.8k (Monday High) as 4hr support, Bitcoin has now accepted below this level.  We can see, over the last 2 candles, that this is now showing early signs of resistance. All the time that BTC is trading below $65.8k, I think it is reasonable to assume we will see a test of $64.6k area soon. On a higher time frame, BTC could just be putting in a Higher Low here, but to have confidence in this we need to see $65.8k reclaimed. If this scenario plays out then $67.3k would be the next potential upside target.

Market update- Yesterday we mentioned that $65.8k (Monday High) had not been retested by Bitcoin after the breakout, and the price has finally come back to this level. The last 4hr candle just about held this has 4hr support, and we are continuing to see BTC fight to maintain the area. As long as $65.8k is respected, we can still see a move towards the key 4hr resistance at $67.3k which is potentially the last resistance before $69k+. Any acceptance below $65.8k, on the 4hr timeframe, and BTC will likely retest $64.6k.

Market update- The last 4hr close saw Bitcoin gain acceptance above $65.8k (Monday High). This level has not yet been retested, so today I will be looking to what happens on the first retest. If this provides a good reaction, I expect a move to test the key 4hr level at $67.3k (orange line).  During the aggressive sell-off at the beginning of June, $67.3k became a level of 4hr resistance before another strong leg down to below $60k. $67.3k was once again resistance mid- June before another aggressive move down. If we see BTC start to hold above this, then $69k-$70k is likely soon. The Monday Range this week is $63.7k - $65.8k.