We closed at the end of European session in the price and it has been quite a bitcoin interesting today. We start the session this morning with noted that action is relatively weak (in the sense that prices are falling, and fast fall) and that this is driven mainly by the weakening of sentiment together.
When things move as they have done recently, that can translate to the kind of downward spiral-type action that feeds itself – that is, prices are falling, people are freaking out, sell, prices fall further because people panic selling, etc.
Once this happens, there is very little one can in addition to sit off the market and wait for the seller to shake. The important thing is not to become a Seller yourself.
Anyway, we're all about as far out as short-term analysis went, so we will try and focus on that now and encourage overall momentum to the back of our minds.
So, with this in mind, let's get some levels in place that we can use to carve profits from this night market, whichever way prices move.
As always, take a quick look at the chart below before we begin to get an idea of where things stand. The graph is the graph of a chandelier one minute and have got our main range of overlaid in green.
As the chart shows, then, raunge we are looking at this evening's session to come in as defined by the support to the downside at 8899 and resistance to the upside in the 9095.
We'll look at incorporating long near the top of the resistance against the target of 9250. On the contrary, if we see prices close below support, we will get the short towards the downside target 8800.