Hi Team! Welcome to today's update on the world of Bitcoin.
We have seen quite a few flags forming recently and lots of respect of the 3750 quarter level with the price action that has happened. Although I will not count out the possibility of seeing a movement up to 3860-3900 as this is the liquidity capture scenario we looked at yesterday... it is becoming increasingly likely that we can expect to see a movement of price down to 3500!
On the chart are a few trendlines that have been acting as reliable technical indicators as well as our zones of significance in relation to support and resistance. We have a large bearish candlestick from the previous week to consider and even though January 15's daily chart gave us a bullish engulfing candlestick... it was immediately met with resistance from sellers and the following day closed bearish.
Cryptocurrency on a macro level is still in a bearish environment so if you're looking for opportunities - be mindful that there is still downside risk!
This analysis is not meant to constitute as financial advice, please use risk management and trade/invest at your own risk!
Stay safe in these volatile markets friends,
Z ~
We have seen quite a few flags forming recently and lots of respect of the 3750 quarter level with the price action that has happened. Although I will not count out the possibility of seeing a movement up to 3860-3900 as this is the liquidity capture scenario we looked at yesterday... it is becoming increasingly likely that we can expect to see a movement of price down to 3500!
On the chart are a few trendlines that have been acting as reliable technical indicators as well as our zones of significance in relation to support and resistance. We have a large bearish candlestick from the previous week to consider and even though January 15's daily chart gave us a bullish engulfing candlestick... it was immediately met with resistance from sellers and the following day closed bearish.
Cryptocurrency on a macro level is still in a bearish environment so if you're looking for opportunities - be mindful that there is still downside risk!
This analysis is not meant to constitute as financial advice, please use risk management and trade/invest at your own risk!
Stay safe in these volatile markets friends,
Z ~
