As I talked about yesterday, I was keeping a close eye on the weakening uptrend Bitcoin was forming on the 4H chart, which has now started to break to the downside.
Price has found a very strong level of support around the $77k level on the VRVP and has yet to retest $76k.
Until we break below $76k here, we should expect price to continue slowly chopping towards the $82k-$83k level of resistance, where price will then make a strong macro decision.
If we do fall below $76k, expect mean reversion to continue all the way down towards support at $72k-$70k. If we do see this type of dump, then we will have to keep a VERY close eye and see if price makes a new HTF higher low or continues to fall.
Keep a VERY close eye on these levels as we head into the weekend!
