BITCOIN (BTCUSD) – Week 9 – One more down or resuming the trend?

The long-awaited correction in Bitcoin (that we anticipated here in the Financial Flagship’s last week newsletter) started this week with the price falling from the high of $57k on Monday to the low of $44k on Friday. Now, we see 3 scenarios developing for the price action of the cryptocurrency; the first one, the most probable, the price will go a little higher to the resistance area and then go one more down and break the 44k support area, the second one, if we see an impulse breaking the resistance area convincingly and consolidating above it, then we will head up to new highs and the last one, the least probable, the price will stay in this area consolidating a lot longer.

The big news this week despite the erratic and volatile price action of BTC is the SEC filling of the popular crypto exchange platform, Coinbase, that revealed the plans of the executives to take the company public. We have to pay attention to this news and see how this action will affect the whole crypto market as Coinbase is a very popular crypto exchange platform.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.