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Bitcoin has ALOT of resistance here.
I would not expect it to punch straight throug these levels...
There will be a battle.
At $78k Bitcoin is meeting the:
- Short term holder cost basis
- True market mean
- 128D EMA
Short term holder cost basis is the average price short term holders are in at. This means at $78k they can sell for breakeven, and some will.
In addition, $80k is a big level for price regardless and the bottom of the previous range, so there is a lot of resistance to get through.
After that, $85,000 is where both the 1W 50 EMA and 200D EMA are, so that'll also be tough.
But if we close above the $74,400 on the weekly this week, that is a solid first step in recapturing bullish structure and providing the space to be able to tackle these resistance levels.
I remain cautiously optimistic here on the Bitcoin recovery before the Sunday close.