On Jan 19, BTC had broke off the uptrend line since Jan 02 and closes below price of 8670. Instrument is starting to show some weakness in the market now and had been consolidating between price level of 8800 and 8475.
We are likely in a bearish scenario now. Price should potentially reaches the resistance level of 8800 and show further impluse correction --> potentially reaches the level of 8450/8250 zone. Also, see that prices had already reaches the previous high (resistance level) of 9130, which further concludes market price has started to get toppish.
This may had cause the market price to have a sudden spike down in the market, breaking the support trend line.
--> Bearish --> Looking to short entry at 8800; TP at 8400; SL at 9100
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
We are likely in a bearish scenario now. Price should potentially reaches the resistance level of 8800 and show further impluse correction --> potentially reaches the level of 8450/8250 zone. Also, see that prices had already reaches the previous high (resistance level) of 9130, which further concludes market price has started to get toppish.
This may had cause the market price to have a sudden spike down in the market, breaking the support trend line.
--> Bearish --> Looking to short entry at 8800; TP at 8400; SL at 9100
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X