Analysis
The things on BTCUSD chart don't look great. There was a bounce on $7500 and we made a intermediate high at $9858 following which we are again heading down. We got another bounce at $8300 level based on the fibonacci extension based on the previous downward move. However, we still are bearish on the daily and the weekly charts and that certainly concerns me. If we don't hold the level of $7500 we are looking at a potential downside again for upcoming weeks and this time even down to 3K levels. I hope we took the bounce at $7500 and are heading strong. Nevertheless in order to confirm the move up or a potential downside are hinged on the possibilities that behold the next 36 odd hours. At present if you are trading I have a short signal based on the TA (ref. chart above).
I will keep you all posted on the next move. Meanwhile what do you think about the recent trend that Bitcoin is adopting and what might be the reason? Comment down below I would definitely love to read what you guys have to say.
Like always share some love through Upvote and Resteem. You may also read my other works which might be relevant to this blog:
- Bitcoin (BTCUSD) Early-Day Update: Rebound Stagnated at $8500 level
- Bitcoin (BTCUSD) Mid-Day Update: Be Ready For $7500 USD
- Cryptocurrencies Kibosh ?
Follow Me: @adityavijayr
Legal Disclaimer: The author is not an financial expert in analysing crypto market or market trends. All information provided are only informational and the author does not claim accuracy of any cited resources. Further, this shall not be considered as any form of investment solicitation. The viewers and the users of the above information are strictly advised to consult a professional and/or exercise their own judgment for the above or similar forms of investment matters. The author of the above information shall not be liable for any losses which may result from the exercise of such information contained herein.
Thank you for your analysis.
I've already started short bitcoin at 8500.
Be ready to buy again near 7500 and wait for a rebound.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am of the belief that double bottom at a short term doesn't guarantee a bounce. We may look at lower targets if that were to happen. However, its a conservative approach.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit