Hey Traders!
When we look at the fundamentals influencing Bitcoin... there is way too much signaling a continuation of the downwards movement at this time.
My bias has been bearish since Price Action confirmed the shift of momentum in January and with the strength (and bearish size) of this months candle it can be expected that we will see a continued move as the month of April begins
We have Easter Holiday this weekend which will contribute to lower levels of volatility but the market will keep on movin' - the D/W/M timeframes on a Macro Perspective are NOT indicating any clear buy signals as of this time and I am personally looking at a $100 Price Action Zone of Demand at 6850/6750 to see our next reaction...
Price will need to move with a BIG candlestick to successfully break through 7200/7000 and we would be looking for this to occur on the H1/H4 time frames given the time it takes for price to move hundreds of pips in a market like this...
We have been following all of the developments with BTC closely and while I am optimistic about Cryptocurrency as a whole, this particular asset does not deserve the dominance and influence that it holds over the entire space in my opinion. The charts do not lie and right now, there is NO buy
Of course we must expect that due to the nature of the market price will not go in one particular direction forever and ever which is why an ideal place to look for price action giving a quality confirmation of the intended sell move could occur at our RED Zone... If price successfully gets through it with a lot of force/strength then the probabilities of seeing price trade up to the next area (yellow) becomes much higher
As traders, we must trade what we see.
The market is an evolving entity that gives us new information and each every minute and while it is in a bit of a lull at this moment... the market doesn't sleep!
When we look at the fundamentals influencing Bitcoin... there is way too much signaling a continuation of the downwards movement at this time.
My bias has been bearish since Price Action confirmed the shift of momentum in January and with the strength (and bearish size) of this months candle it can be expected that we will see a continued move as the month of April begins
We have Easter Holiday this weekend which will contribute to lower levels of volatility but the market will keep on movin' - the D/W/M timeframes on a Macro Perspective are NOT indicating any clear buy signals as of this time and I am personally looking at a $100 Price Action Zone of Demand at 6850/6750 to see our next reaction...
Price will need to move with a BIG candlestick to successfully break through 7200/7000 and we would be looking for this to occur on the H1/H4 time frames given the time it takes for price to move hundreds of pips in a market like this...
We have been following all of the developments with BTC closely and while I am optimistic about Cryptocurrency as a whole, this particular asset does not deserve the dominance and influence that it holds over the entire space in my opinion. The charts do not lie and right now, there is NO buy
Of course we must expect that due to the nature of the market price will not go in one particular direction forever and ever which is why an ideal place to look for price action giving a quality confirmation of the intended sell move could occur at our RED Zone... If price successfully gets through it with a lot of force/strength then the probabilities of seeing price trade up to the next area (yellow) becomes much higher
As traders, we must trade what we see.
The market is an evolving entity that gives us new information and each every minute and while it is in a bit of a lull at this moment... the market doesn't sleep!
