Hello traders,
Here's a little update on BTC:USD, we haven's seen much movement on the BTC this week so I'll keep this on the weekly time-frame only as a quick update on what to expect next.
So as you can see, after the sharp reversal that we had on BTC, we haven't really had any major moves next. Since falling back to around 7600 level the price spiked to the upside a little which resulted with a retest of $8500 - Key level of resistance, and then immediately rejected it. - This movements could be a preparation for another leg lower.
I highlighted the $7500 region as a support area where we can see BTC to spike, which looks to me as a last barrier, keeping the price from plummeting towards $6000.
We could be seeing stop hunts back and forth in between these two levels before anticipating a real big movement so keep in mind the 8500 and the 7500 levels on the weekly as an orientation when where we could spike next, a break above 8500 will take us to 9500 but that seems unlikely now following that big bearish reversal, however anything can happen in this market.
We will update the analysis with a smaller time-frame once we start seeing a little bit of movement on the daily, until then the focus will remain on the weekly time-frame.
Here's a little update on BTC:USD, we haven's seen much movement on the BTC this week so I'll keep this on the weekly time-frame only as a quick update on what to expect next.
So as you can see, after the sharp reversal that we had on BTC, we haven't really had any major moves next. Since falling back to around 7600 level the price spiked to the upside a little which resulted with a retest of $8500 - Key level of resistance, and then immediately rejected it. - This movements could be a preparation for another leg lower.
I highlighted the $7500 region as a support area where we can see BTC to spike, which looks to me as a last barrier, keeping the price from plummeting towards $6000.
We could be seeing stop hunts back and forth in between these two levels before anticipating a real big movement so keep in mind the 8500 and the 7500 levels on the weekly as an orientation when where we could spike next, a break above 8500 will take us to 9500 but that seems unlikely now following that big bearish reversal, however anything can happen in this market.
We will update the analysis with a smaller time-frame once we start seeing a little bit of movement on the daily, until then the focus will remain on the weekly time-frame.
