CryptoFrog 🐸

$BTC has officially seen its short-term breakdown… I’ve been talking about this potential move being very likely for many weeks now, and our first target has officially been hit. This move comes after reports that Binance was hacked for over $3 BILLION, which then led to this massive capitulation sell-off. Now that price has reached the mid-$70s, hitting our first target around $76k, I’m keeping a very close eye on where price bounces to. The best-case scenario for the bulls would be for price to climb back above $80k over the next few days, which will now likely act as a level of resistance. But if price continues to fall below $76k, I’m keeping an eye on $74k–$75k as support. Keep a VERY close eye on price action over the weekend!

Quick update on the $BTC short term charts… 👀 Price is once again coming close to retesting that $80k level of strong support, which we have so far been able to hold over the past week. I’ve talked about this level EXTENSIVELY for well over a week now, so I won’t spend too much time discussing it yet again today. But the key things to watch for the rest of the weekend are whether $80k can continue to hold as support and whether price can reclaim $82.8k (the May local high) before we see the weekly open tomorrow. If we break below $80k, price will very likely see a strong flush into the mid 70s. Until then, we will likely continue to see more chop between the two levels I outlined above.

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$BTC is still STRUGGLING to hold its major support at $80k… 👀 As I discussed yesterday, we have very strong confluence between Bitcoin’s short term support AND its MTF support, with both sitting around $80k. The major level on the MTF charts is the daily 50EMA, which we can see has begun to show signs of major weakness and a possible breakdown. We MUST see these daily candles continue to close above $80k. Otherwise, we risk seeing a major spill back into the mid 70s. I’m expecting price to make a major move over the next few daily candles, as we are most certainly reaching a short term and mid term inflection point. Whether it’s a strong bounce from $80k or a significant breakdown, we are very likely to see this move in the coming days. Keep an EXTREMELY close eye on this level as we head into the weekly open tomorrow!

$BTC is attempting to hold its daily 50EMA… This is a level I’ve been watching closely over the past few weeks, but this level of support is now more important than ever. We can see how price reacted after breaking above the 50EMA back around August 19th, when a MASSIVE surge in volume and buying pressure occurred above that level. Now, we can see that the 50EMA has been acting as very strong resistance over the past week, with price respecting this level quite well so far. But similar to the massive surge in volatility we saw when that level was broken back in August, I’d expect a similar surge in volatility if we were to break below the 50EMA as well. The $80k level, where the 50EMA is currently sitting, is also the strongest short term level of horizontal support that I’ve been posting about for weeks now. So there’s LOTS of confluence pointing towards $80k being an extremely important level for the bulls to hold. If lost, price will very likely dump into at least the mid 70s. Keep a VERY close eye on this level as we head into the weekend!

$BTC has given back all its gains from its recent rally… As I discussed in yesterday’s post, the major rejection we saw from $85k was likely going to result in another retest of the $80k support zone we have been watching for a few weeks now. And as we can see, this is exactly what price has now done, with the bulls attempting to hold price above $80k. This level is UNBELIEVABLY crucial for price to hold, as if we were to see $80k lost, we would very likely see price revisit the mid 70s once again. It is also extremely important for price to start making a significant bounce ASAP, as every time we have retested $80k up to this point, the bounce has become weaker and weaker, with the current bounce being the weakest so far. If the bulls cannot get price back above $82.8k soon, it becomes significantly less likely that $80k will be able to continue holding strong. Keep a very close eye on this level as we head into the weekend!

Some pretty volatile short-term price action here on $BTC… As I discussed a few days ago, if Bitcoin was able to bounce from its $80k support level and break above $82.8k, we would likely see a continuation into $85k, which is exactly what has played out! We have since seen price reject quite hard from $85k and fall back down to its support at $82.8k, which we could see act as temporary support. If we break back below $82.8k AND break the trendline that price has been forming over the past few days, then I’d expect the $80k level to be difficult for price to hold once again. Keep a VERY CLOSE EYE on price action for the rest of the week. I told y’all I had a feeling price action was going to start getting volatile again.

$BTC is still holding very strong support… I’m keeping this update very brief, as nothing significant has happened on the short-term charts yet again… Until we see a clear breakout above $82.8k or a breakdown below $80k, all this chop means absolutely nothing. I do think we should see some very volatile moves this week, as it’s highly unlikely that multiple weeks of this choppy price action will continue for much longer. Keep a close eye on both of the levels mentioned above. Everything else is just chop and BS.

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$BTC has seen a nice bounce from its support once again… 👀 This weekend has once again been quite slow, with Bitcoin retesting the $80k level of support before seeing yet another bounce. For this bounce and rally to truly hold, we MUST see price break back above and HOLD above $82.8k. If we continue to see retests of $80k day after day without a significant bounce above $82.8k, then it’s only a matter of time before the bulls fail to defend that support level. Keep a VERY close eye on price action this week, especially the $80k level. If we lose $80k, price will very likely see a strong flush into the mid 70s, just as I’ve been talking about over the past few weeks.

Quick update on the $BTC short term charts… 👀 Price is once again coming close to retesting that $80k level of strong support, which we have so far been able to hold over the past week. I’ve talked about this level EXTENSIVELY for well over a week now, so I won’t spend too much time discussing it yet again today. But the key things to watch for the rest of the weekend are whether $80k can continue to hold as support and whether price can reclaim $82.8k (the May local high) before we see the weekly open tomorrow. If we break below $80k, price will very likely see a strong flush into the mid 70s. Until then, we will likely continue to see more chop between the two levels I outlined above.

$BTC is continuing to respect its major support at $80k… 👀 I’ve been talking about how important this $80k level is for the past few weeks now, and price action has continued to prove me correct. Yet again, we have seen price retest and bounce from $80k today, but we are still seeing more and more weakness with each bounce from that level. If we break below $80k, it is very likely that we will see a sharp pullback into the mid 70s in a very short period of time. This is the main level I’ll be keeping a close eye on over the weekend and as we head into the weekly open on Sunday evening. Keep a VERY close eye!!

$BTC is hanging on the edge of a cliff… 👀 Price has once again come down to retest $80k before seeing another bounce… but this time, we have yet to see price successfully reclaim and hold above $82.8k-$83k. If price continues to fail to hold above $82.8k-$83k, the likelihood of $80k continuing to hold as support decreases significantly. If price does lose the $80k level of support, we will very likely see a pullback into the mid 70s. And if price can’t hold there, we will probably see a violent move into the low 70s. But until price breaks below $80k, we should continue to expect more chop and volatility throughout the week.

Very brief look at the $BTC short term charts… Not much has changed over the past 24 hours, with a pretty low volume day overall. Price has once again reclaimed $82.8k, as this level CONTINUES to be HEAVILY respected, just as it has been over the past few weeks. Once again, the main level that matters is $80k holding as MTF support. Otherwise, we will likely see a very strong dump continue. It’s only a matter of time before we see one of these major levels, which have been respected over the past few weeks, get broken, so keep a VERY close eye!

My thesis on the $DXY is still going according to plan… 👀 With the weekly candle holding strong right around the 200EMA, my expectation is that we still have higher to go as we get later into the year. I’m expecting this rally to take us into the next level of resistance around 103-104. As we all know, the $DXY has a very strong inverse correlation with risk assets, which would mean a rally in the $DXY would likely result in a dump across risk assets. This would line up perfectly with my expectations of specifically $BTC and the stock market finding their cycle lows later this year as the $DXY continues to rally. This is a strong macro chart that I’ll be keeping a very close eye on. Once we see the next strong breakout here, I’d expect the next major breakdown across risk assets to begin.

$BTC is still holding on for dear life to its final major levels of support. Over the last 24 hours, price has come close to retesting $80k, which I’ve been talking about as the final level of support before price potentially dumps into the mid $70ks. We are also now seeing the bulls rally to try and reclaim $82.8k after price failed to hold that level heading into the new week. The move that would trigger a major dump into at least the mid $70ks would be a break below $80k. So that’s the level I’ll be watching the closest over the coming days and weeks!

$BTC is still facing major resistance in the short term… Price action hasn’t seen much of a crazy move over the past 24 hours now that the weekend is here, but we can see that price has moved back up and is currently sitting at MAJOR resistance. $82.8k to $83k is still acting as very strong resistance ever since price failed to hold that level as support earlier this week. We have also seen a strong drop in volume and a decrease in volatility over the weekend, so it’s safe to say we probably won’t see price make a decisive rejection or breakout until closer to Sunday evening and the opening of the new weekly candle. Still keeping a VERY close eye on this level, which is by far the most important level to be watching right now!

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$BTC is struggling to break back above $82.8k… 🫪 I’ve been talking about the $82.8k level EXTENSIVELY over the past few months, as this level is where we saw the May local highs, and ever since, it has acted as strong macro support AND resistance. Now that price has broken back below $82.8k, like I mentioned yesterday, we MUST see the bulls reclaim this level if we don’t want to see a deeper correction. But over the past few hours, we have seen price reject from $82.8k, which means we will likely continue to see price move back towards $80k over the next few days. If we break back below $80k, I wouldn’t be surprised if the next level where price finds support is $75k. Keep a VERY close eye on price action as we head into next week!