Finally, Bitcoin is retesting that FVG zone at $73,330 - $67,350 we've all been waiting for, and the whole crypto market is glowing green. XRP is up 9.05%, Doge up 3.21%, ETH up 1.10% but even with all that, Bitcoin today has almost tagged the resistance zone at $74,265 - $73,105. Since the buyer explosion already happened, now we just gotta be patient and wait for a rejection. One of the reasons Bitcoin popped this week is fresh news about a digital asset custody service set to launch by the end of this year, starting with Bitcoin. This service will be rolled into a platform called Custody+. This news dropped right as Bitcoin hit the support zone at $62,160 - $62,880, which led to a Bullish Engulfing candle.
If you're curious how this all plays out, this service comes from a major bank, Citigroup check out my previous article where I covered it, back when Bitcoin was sitting in the support zone and Citigroup first dropped news about their crypto and Bitcoin based service: Institutional Money Flips Direction, Bitcoin and Citigroup Both Flex Their Strength. Right now, Bitcoin has broken through resistance at $65,823 - $65,200, a level that held it back for a few days.
The resistance zone at $74,265 - $73,105 hasn't been touched in months, and Bitcoin's price today sits at $71,750. There's also that FVG zone at $88,630 - $84,150 that hasn't been touched from the previous rally either. There's a chance for more upside from here, but jumping in right now is risky though it's a different story if you're playing the long game. Always know the tradeoffs of whatever strategy you're running wait for the rejection and you might miss the move, jump in now and if the market injects, you're entering right at the top.
⛔Disclaimer - This analysis is for educational purposes and reflects personal opinion only, not financial advice. Always practice risk management and use stop losses (SL) according to your own risk tolerance.
Keep trading and stay profitable📊💪
