Price action managed to break below 9000 level. BTCUSD traded in a tight range yesterday from 9200 to 9400 with little volume. 1 am last night saw the big move to the downside breaking through 9200 & 9000 resistance levels.
My short term-bias is that price action is going to go lower & probability wise, I believe there is a greater chance of it going to 8800 than 9200. I will look to enter a short at around 9000 with profit taking at 8800 & stop loss at 9200. I will also monitor hourly chart closely for first higher low & higher high which would be an indication of the downward move coming to an end. Once price drops a few hundred, it may be attractive for buyers to accumulate.
My short term-bias is that price action is going to go lower & probability wise, I believe there is a greater chance of it going to 8800 than 9200. I will look to enter a short at around 9000 with profit taking at 8800 & stop loss at 9200. I will also monitor hourly chart closely for first higher low & higher high which would be an indication of the downward move coming to an end. Once price drops a few hundred, it may be attractive for buyers to accumulate.