In the past day and a half or so, I was starting to develop some contentment with $49k, even though it was mostly ONLY lower $49ks and sometimes bouncing into the upper $48ks and then just in the past few hours causing less contentment by dippening into the lower $48ks which started to make me wonder whether we might not never see $49k ever again..
.. but then alas here we are in the past hour-ish gravitating back into the upper $48ks... so no need to worry about seeing $49k again, right?
Right?
$47K-48K will hold this time around I think, in order to create a higher low on the 4hr. Bears failed to push price below $46K which is a sign of weakness, even if $49K showed lack of buying pressure.
This is now the re-test of long-term spport. Going below $47K again won't be pretty, and likely lead to $40-44K re-test. But for now long-term support remains in tact, just further confirmation is needed. The order books are looking more balanced now, so at current prices it seems relatively neutral, as opposed to at $46K when there were 2x more buy orders than sell orders. I'd expect the buy orders to outweigh the sell orders again if price get's back down to the 200 Day MA, so without a(nother) high volume sell-off, I don't really see any reason why we'll see lower than $45K, where a decent sized buy wall remains.
On another note, haven't seen the strength of the price this high since November 10th, which is a good sign, as has made a higher high since the sell-off. The bullish divergence is still playing out nicely for now:
Either way, within 8 days it'll all become clear. Either long-term resistance turned support holds and price moves up, or shorter-term resistance holds and price moves further down.
