As I’ve talked about all week, Bitcoin has finally retested its support level at $62.5k on the 4H chart.
This is a level I had been expecting a retest and bounce from for quite a while. As we head into the weekend, I think we will likely see a small recovery before we see a strong directional move heading into the weekly close.
With this week having such low volatility, we should expect a strong move in price action over the next week or two. If we start to see breakdowns from this level heading into the weekly close, I’d expect next week to be quite red.
If we can manage to hold strong and rally this weekend, next week could very well be green. So keep a very close eye on price action this weekend.
