After rejecting the $4050 region for the 3rd time yesterday, BTC sold off into the $3950 midpoint.This provided a nice short opportunity for any of the major cryptos.
For now BTC has found support at the midpoint and traded back above the trendline support.
I believe we may see a continued retracement higher, and a break through the $4000 level should lead to a continuation back into the $4050 resistance region.
I believe many shorts jumped in late yesterday and a stop hunt could be in play to shake them out. And from there I will reassess the sentiment.
However if we roll over here I am watching for a spike into the prior lows at the $3930 level, and a break of this support will lead to a continuation into the $3800 support.
For now BTC has found support at the midpoint and traded back above the trendline support.
I believe we may see a continued retracement higher, and a break through the $4000 level should lead to a continuation back into the $4050 resistance region.
I believe many shorts jumped in late yesterday and a stop hunt could be in play to shake them out. And from there I will reassess the sentiment.
However if we roll over here I am watching for a spike into the prior lows at the $3930 level, and a break of this support will lead to a continuation into the $3800 support.