Currently BTC is having an issue with the 9300-9330 area after nipping again at the 9400 regions.
It's clear there were some people ready to short at that range which led to uncertainty and downwards pressure so far when BTC has got close to the key 9400 area. This could repeat again if the price reaches up to the same 9400 levels in the coming hours.
A key level for the bulls to break down if the 9400-9500 region and if they do so look for a quick rise to the 10k levels. Watch out for 10k as the price could quickly plummet due to the psychological nature of the 10k price tag being a big one to take down.
A feel that shorting around the current 9300-9350 level is a safe hedge providing you keep an eye on the 9500 level and that it doesn't get broken down.
If the price breaks south watch out for any bounces off the mid point of the previous larger triangle structure as it has done so already which can be seen in the chart.
If the price falls through that level look out for further decline and don't forget to take profit at the recommended levels.
Trade smart, trade safe!
It's clear there were some people ready to short at that range which led to uncertainty and downwards pressure so far when BTC has got close to the key 9400 area. This could repeat again if the price reaches up to the same 9400 levels in the coming hours.
A key level for the bulls to break down if the 9400-9500 region and if they do so look for a quick rise to the 10k levels. Watch out for 10k as the price could quickly plummet due to the psychological nature of the 10k price tag being a big one to take down.
A feel that shorting around the current 9300-9350 level is a safe hedge providing you keep an eye on the 9500 level and that it doesn't get broken down.
If the price breaks south watch out for any bounces off the mid point of the previous larger triangle structure as it has done so already which can be seen in the chart.
If the price falls through that level look out for further decline and don't forget to take profit at the recommended levels.
Trade smart, trade safe!