In yesterday’s post, I talked about the possibility of a short term bounce from the $64k VRVP support and the current multi-week uptrend. As we can see, this is exactly where price has started to bounce from.
Since it is the weekend, we haven’t seen a very strong bounce, which is pretty expected. If this bounce continues, I’d keep a close eye on price action tomorrow evening before the weekly candle close, when we usually see volume start to pick back up.
If we see a strong bounce, we will likely retest the local highs once again. But if we fail to break those highs and reject, it will be difficult for this current support level to hold up as strongly another time.
If we break the highs, I would target a short term rally into $69k. If we break down from $64k here, then I would expect price to dump into $61k.
Keep a very close eye on these levels!
