BTC Daily Analysis: Continued Downtrend
What do the charts say?
- Surprise momentum from New York Trading hours and Asian trading hours could see a wick above the 15MA above $3850, before a continued downtrend.
- On the higher time frames, the has crossed-over illustrating that a downtrend is more than likely, with a continued dump lower to $3703 possible.
Accumulation during the month of december has continued, with it possible that all retail traders already deciding that they are in a trade and unlikely to trade the BTC pairs whilst it is in a continued downtrend.
gap at $374X will likely be filled, as a result of this and continued momentum it is more than likely we will see a retest of $3606, before a bounce up.
The latest positive move up following London trading hours and Asian trading hours close illustrates that there was a reversal at $3826, indicating we will not go above that unless there is enough positive momentum.
Judging based on the 15MA acting as a temporary resistance, with BTC each time testing it before falling, it is likely that it will not be tested today.
Nouvive Says: BTC is currently in a continued down-trend more than likely to see a bounce at $36XX - most likely $3649 or $3672.