The price has seen very low volume and it seems that right now the 100-day ema will come down to the price instead of the price pushing up towards it and even breaking through it. We are still stuck in a local range downtrend of about 8.80 - 8.35. If we continue to see low volume, it can definitely be hard to predict either way, however, with very low buy volume and weak bounces that don't reach resistance levels we have to look down more than up at the moment.
The range mentioned 8.80 - 8.35 is the sideways movement if we drop below the $8 mark then again we can look towards the downside. Any movement above $9.40 and we can again start to think for longer-term bullish sentiment. The lower highs have kept on forming on the longer term but we do see that the area of $7.80 acted somewhat as a support as it was a resistance back in October.
Targets on the downside we can look towards TP1 - $7.26 TP2 - $6.79.
Targets on the upside we can look towards TP1 - $10.35 TP2 - $11.20.
Either way trade with caution as we already know Bitcoin forms the trend the rest follow!
The range mentioned 8.80 - 8.35 is the sideways movement if we drop below the $8 mark then again we can look towards the downside. Any movement above $9.40 and we can again start to think for longer-term bullish sentiment. The lower highs have kept on forming on the longer term but we do see that the area of $7.80 acted somewhat as a support as it was a resistance back in October.
Targets on the downside we can look towards TP1 - $7.26 TP2 - $6.79.
Targets on the upside we can look towards TP1 - $10.35 TP2 - $11.20.
Either way trade with caution as we already know Bitcoin forms the trend the rest follow!