BullionFX Markets Report

BTC – The bears castle falls above 36K.
Why is breaking 36k such a key zone?

– Last CME gap fill (above) there are still ones below

– Fib 1.618 extension

– Fib 618 retracement from major peak

– Fib 382 retracement from major top

– Combined is a fib cluster

– Will break Ichimoku thick cloud (the thicker the Cloud, the thicker the S/R it offers.

Bears will have no choice but to flip bullish if we break this zone and hold above 30k as major support on weekly. When that major pivot was taken out back in June 2022 big money exited . If this zone was to be reclaimed and those sellers become buyers, then a shift has taken place.

Bitcoin is showing massive divergences on momentum and volume. It is running out of strength but that can go on for a while as it did on the run from 40k to 60k when BTC first topped out.

Daily market structure is still 100% bullish and you stick with the trend until it changes.

Monthly market structure is still bearish.

In summary, short term on the daily we are still bullish. Long term we are still bearish until that key zone breaks and is tested as support.

Written by David B (BullionFX Analyst)

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