Hello traders, here is my analysis for BTCUSD.
*Unfortunately it just so happened that as I was creating this post BTC started to dump.*
I was hoping that BTC would hold around $31K into tomorrow to put price in a good position to rally, but once again BTC has been rejected from the above $31K region.
So what does this mean for BTC??
- I know everyone is sick of BTC and crypto at this point (As am I) but you just have to push through and stick it out. Eventually BTC will have it's next bull run and you need to be ready. You can still learn valuable lessons during a bear market...
- The dump today does not mean that BTC still won't rally. It does put BTC on the back foot going into tomorrow, but this has been the story for nearly the past month.
- On the chart I've labeled the key level that BTC needs to hold ($28.5K), as long as BTC holds that level the probabilities still favor BTC getting a bounce.
- I've also labeled the "Key Resistance" level that BTC needs to break and CONFIRM above ($31.4K) for price to be "set free" to Rally.
- BTC is essentially still just trading in range which for the moment is slightly more Bullish than Bearish.
**Also another thing to note is that over the past week price action has been more Bullish than at any time over the past month.
- In fact BTC finally had its first green weekly candle in 10 weeks! So crazy to think that pretty much the past 2&1/2 months have been completely red the entire time.
- So this green weekly candle will be a sigh of relief for a lot of trader's and could potentially be the catalyst for BTC to get a rally.
**I mentioned this in my post a couple days ago but to re-iterate, I expect BTC to make it's move this week. Like I said the probabilities still favor a move to the upside but all the signs are pointing to BTC becoming more volatile so it would make since for a move to occur this week.
That's it for today's post, thank you everyone and best of luck trading!
*Unfortunately it just so happened that as I was creating this post BTC started to dump.*
I was hoping that BTC would hold around $31K into tomorrow to put price in a good position to rally, but once again BTC has been rejected from the above $31K region.
So what does this mean for BTC??
- I know everyone is sick of BTC and crypto at this point (As am I) but you just have to push through and stick it out. Eventually BTC will have it's next bull run and you need to be ready. You can still learn valuable lessons during a bear market...
- The dump today does not mean that BTC still won't rally. It does put BTC on the back foot going into tomorrow, but this has been the story for nearly the past month.
- On the chart I've labeled the key level that BTC needs to hold ($28.5K), as long as BTC holds that level the probabilities still favor BTC getting a bounce.
- I've also labeled the "Key Resistance" level that BTC needs to break and CONFIRM above ($31.4K) for price to be "set free" to Rally.
- BTC is essentially still just trading in range which for the moment is slightly more Bullish than Bearish.
**Also another thing to note is that over the past week price action has been more Bullish than at any time over the past month.
- In fact BTC finally had its first green weekly candle in 10 weeks! So crazy to think that pretty much the past 2&1/2 months have been completely red the entire time.
- So this green weekly candle will be a sigh of relief for a lot of trader's and could potentially be the catalyst for BTC to get a rally.
**I mentioned this in my post a couple days ago but to re-iterate, I expect BTC to make it's move this week. Like I said the probabilities still favor a move to the upside but all the signs are pointing to BTC becoming more volatile so it would make since for a move to occur this week.
That's it for today's post, thank you everyone and best of luck trading!