Bitcoin continues to evolve between the $11k support level and its short-term downtrend as we expected.
During the last days, the buyers were able to build short-term higher lows which could have led to an upward breakout. However, the volume is still not there, therefore impacting the prices' momentum.
As a result, Bitcoin recently broke down of its short-term support and established a short-term new low putting an end on buyers' expectations.
As Bitcoin is getting close to its support level at $11k, we expect a rebound toward its downtrend.
As long as volume doesn't pick, it will be very hard for either side to get the upper hand. Therefore, we expect Bitcoin to keep evolving between the $11k level and its downtrend while daily range keeps tightening before a strong upward movement coming along with a rise in volume, targeting the $13k and $14k levels.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
During the last days, the buyers were able to build short-term higher lows which could have led to an upward breakout. However, the volume is still not there, therefore impacting the prices' momentum.
As a result, Bitcoin recently broke down of its short-term support and established a short-term new low putting an end on buyers' expectations.
As Bitcoin is getting close to its support level at $11k, we expect a rebound toward its downtrend.
As long as volume doesn't pick, it will be very hard for either side to get the upper hand. Therefore, we expect Bitcoin to keep evolving between the $11k level and its downtrend while daily range keeps tightening before a strong upward movement coming along with a rise in volume, targeting the $13k and $14k levels.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .