Bitcoin is pulling back today after tagging the $31,000 area last week.
I pointed out on Twitter over the weekend that the final surge last week occurred during the Asia session.
Big Asia-session moves often get reversed once New York wakes up.
Here’s the video I tweeted on Saturday in case you missed it:
The video above should give you a good idea of what I was watching over the weekend, which played out perfectly.
I mentioned to members last Friday that I got short BTC at $30,747.
I also added to that position over the weekend during Sunday’s retest of $30,500, which I also mentioned on Twitter as it was happening.
For now, I’m still eyeing the former range highs at $28,800, along with the $28,452 quarterly open.
If bulls can hold that area, we could see a decent bounce back to recent range lows at $29,800.
That will be the first significant test for Bitcoin bulls.
Alternatively, a sustained break below $28,450 on the higher time frames would confirm everything since April 10th as a bearish deviation.
It would also expose levels like $26,500 and $25,000.
So for now, BTC is range bound between $28,540/800 and $29,800, with a failure at the former taking us lower, and a reclaim of the latter opening up $30,500.
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