Straight into it -
BTC/USD - If you refer to my chart from over a week ago when I set bearish targets for BTC -
BTC/USD - Rough and Tough times although this was expected in the sense that we have been testing key resistance levels. This was vicious and its hard to see the end of the tunnel in times like this but, this is what we signed up for.
So what happened? - Basically we have been overturned by bearish momentum due to technical factors such as testing 10k for 2 days, still being in a bearish market, not having huge volumes at times of need and also just general market cycle.
We have bounced off the direct buy zone due to the bear flag retracement. We should see $7,800 act as a huge resistance point, I do not think the bears are done and I definitely do not think this is the bottom but I feel between $7,000 - $7,160 is the bottom.
If it is not then I will re-asses the chart and give new targets although it does line up with some good key horizontal support and a key trend line dating back to mid last year which is the dark red line on my chart.
First Target - Short from $7,800 if we get seller rejection ( IF BTC closes above $7,800 we may see a push toward $8,300 again)
Second Target - Long from $7,160 zone ( BTC needs some huge volume spike and bottomed out wicks to bring some sort of confidence to buyers, if we dont see this we will continue to drop and potentially see high $6k)
Remember this is not financial advice and this is my opinion based on Technical Analysis. Take this with a grain of salt as I can be wrong.
Feel free to message me on TradingView to chat any time regarding charts etc!
BTC/USD - If you refer to my chart from over a week ago when I set bearish targets for BTC -
BTC/USD - Rough and Tough times although this was expected in the sense that we have been testing key resistance levels. This was vicious and its hard to see the end of the tunnel in times like this but, this is what we signed up for.
So what happened? - Basically we have been overturned by bearish momentum due to technical factors such as testing 10k for 2 days, still being in a bearish market, not having huge volumes at times of need and also just general market cycle.
We have bounced off the direct buy zone due to the bear flag retracement. We should see $7,800 act as a huge resistance point, I do not think the bears are done and I definitely do not think this is the bottom but I feel between $7,000 - $7,160 is the bottom.
If it is not then I will re-asses the chart and give new targets although it does line up with some good key horizontal support and a key trend line dating back to mid last year which is the dark red line on my chart.
First Target - Short from $7,800 if we get seller rejection ( IF BTC closes above $7,800 we may see a push toward $8,300 again)
Second Target - Long from $7,160 zone ( BTC needs some huge volume spike and bottomed out wicks to bring some sort of confidence to buyers, if we dont see this we will continue to drop and potentially see high $6k)
Remember this is not financial advice and this is my opinion based on Technical Analysis. Take this with a grain of salt as I can be wrong.
Feel free to message me on TradingView to chat any time regarding charts etc!