It's pretty clear that there is a fight going on between Bulls and Bears (BITCOIN MARKET UPDATE)!!

BTC UPDATE (Bitmex)

I think it's pretty clear that there is a fight going on between Bulls and Bears during this accumulation/consolidation phase where #BTC has been bouncing between 3k and 4.5k for about 2 months now.

From the 1D TF it's clear that Shorts keep winning against Longs. Price is being pushed down a lot. Stops have been taken everytime trend attempted to break above a certain HIGH and then dropped from there. Charts is being heavily manipulated. Selling pressure looks stronger (or there is still too much fear in the market and buyer pressure is weak). Trend keeps bouncing on multiple different horizontal levels of support and demand zones which break downwards after few days of sideways consolidation.

Fibonacci Retracements are different in all charts that I've traced. Right now BITCOIN is bouncing on the 78.60% Fibonacci Retracement based on Bitmex chart this bounce would still validate the Bullish Gartley I've been tracing for the few days now.

The 1D Breaker Block (Green) could also be a great short-term reversal point. First rejection happen on Jan. the 22nd but the trend didn't have any strenght to keep a bullish momentum. Yesterday's candle took out the Stops but was followed by another Red Candle. I think this is really the last hope for a Bullish spike from this horizontal level. If BITCOIN doesn't react here we will probably going to test 3k once again. Let's see if this candle can close above Jan. 22nd low.

In few words, price action is not the healthiest I've ever seen but we have reached some important level which could lead to some green candles but how high can BITCOIN go with such a massive Kumo acting as resistance just on top of it???

I used all different kinds of Ichimoku Cloud settings in order to give myself some margin of error but all settings show pretty good resistance until the end of February where we could catch a glimpse of Bullish Light. If this is the scenario, #BTC could still move sideways for few weeks starting to look like a possible Wyckoff Accumulation phase which would lead #BTC to the MOON.

So let's keep an eye on this level for now. If we breakdown 78.60% Fibonacci Retracement and the Bullish Breaker Block, trend will possibly re-test 3K area. On the other hand, if we see any good bounce here on this level which could lead #BTC to test the Kumo, we can start to trade ALTCOIN market again. Right now, without any trend confirmation I don't feel comfortable enough to take any trade. I'm going to chart few ALTs that could give us some profit (if I see any) but I recommend max 0.25% RISK policy on every single trade if you don't want to get REKT.

Read again this full analysis... I described all possible supports and resistances. If you remember the major resistance that I was aiming for was the Massive Kumo cloud on 1D chart. We have to see if we are going to break it. A correction has to come tho. I don't think it can pump like crazy from here with very low VOLUME.

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