Bitcoin - We still need more indications to see the aftermath.
Updated
Hey guys. Its been a little while since I posted last time. Bitcoin just seemed to show us its drama as usual and unfortunately we are in a hard position to speculate the most probable outcome at this point. But it seems its in a short term bearish trend and needs more indicators to be considered patiently. Therefore I will try to list the outcomes that have a big possibility by the following days and weeks by which I will be updating on the issue when we get more indications.
- By this as I have already tried to point it out it seems short term bearish scenario is more handful at this moment backed by some fundamental indicators from the US government interest rate news. Looking at the chart we are in a point that Bitcoin is trying to escape a bearish downtrend breakout[depicted by the red circle] which is a critical point to whether it is going to breakout for a further downward correctional movement or not. After looking out the outcome from the daily candle at this point we will have a more clearer sight to predict where it might go in the coming days and weeks. As many traders and analysists are saying there is a probability of going downward to 33,XXX or even 28,XXX area if things are going to keep like these espicially in the US stocks and other major economical agents around the world. I will be giving updates after we see what happen to the close of the following candlestick. For now the scenario's can be taken as :
1. Refusal of a bearish breakout and going to test the 36,XXX - 38,XXX area.
2. Breaking out of the bearish side for a further correction towards the area of 33,XXX and 28,XXX respectively.
Stay Tuned For Live Updates.
@abanefsobulls
- By this as I have already tried to point it out it seems short term bearish scenario is more handful at this moment backed by some fundamental indicators from the US government interest rate news. Looking at the chart we are in a point that Bitcoin is trying to escape a bearish downtrend breakout[depicted by the red circle] which is a critical point to whether it is going to breakout for a further downward correctional movement or not. After looking out the outcome from the daily candle at this point we will have a more clearer sight to predict where it might go in the coming days and weeks. As many traders and analysists are saying there is a probability of going downward to 33,XXX or even 28,XXX area if things are going to keep like these espicially in the US stocks and other major economical agents around the world. I will be giving updates after we see what happen to the close of the following candlestick. For now the scenario's can be taken as :
1. Refusal of a bearish breakout and going to test the 36,XXX - 38,XXX area.
2. Breaking out of the bearish side for a further correction towards the area of 33,XXX and 28,XXX respectively.
Stay Tuned For Live Updates.
@abanefsobulls
Trade active
Update: The daily candle has seen no major changes yet; Bitcoin is following the US stock indices. $36,500 is a daily support area, we need a bullish push from here with strength to get back into the bullish area; otherwise, we could see a further dip.
We are heading towards the weekend, so a weekly closing above it will also be helpful.
Today, as mentioned is of great importance, we will face NFP event, which has the power to offer a big move as FED’s chair Powell was highly focused on the job growth. Any weakness in that could offer a big move but it is important to wait for the data rather than speculate.
Intraday:
The intraday chart is moving choppy within a tiny intraday range, a breakout will push the market with a bias.
**Above $36,500 we will get more upside push towards $37,800.
Below $35,850 Bitcoin will slowly decline.
We need a solid bias from the US stock market. A reversal sign from the daily key support will be important from S&P500.
Stay Tuned For Live Updates.
@abanefsobulls
Note
Market Update: This is a very important day for Bitcoin as it is below $29,000 key support. The next major supports are going to be $25,XXX and $22,500 zone.
However, this is the last day for Bitcoin to push up above $29,000 and offer a fakeout but the US stock market is showing signs it won’t let that happen so far, US indices are bearish and Bitcoin is pegged with their moves.
If we see any surprise move from the US stock indices, Bitcoin will respond or it will decline to $22,500 zone. This is the very same reason for price action when S&P failed below 4100, Bitcoin broke out below $35,000 macro higher low trendline.
Intraday:
The intraday chart is volatile and moving into the range area, we can see a move above $28,840 but don’t expect $31,345 zone yet, it can come back again from the mid zone.
I will be looking for a shorting opportunity if the market fails to move with a bullish impulse. Lets wait for some more indications and we can decide our midterm options. I will be updating as soon as possible on our next move.
@abanefsobulls
Trade active
Bitcoin Market Update: Today is an important day for price action. A bullish daily closing will allow the market to push more upside from here. The range between $36,600 and $37,800 will be the next stronger resistance area, however failing to remain bullish today will push it downwards further to $22,XXX zone.
Altcoins will follow Bitcoin’s price action over their own price action. When there is panic in the market, altcoins simply follow Bitcoin. The US stock market is still in charge of Bitcoin and it will remain so until indices find a support.
Today is the last trading day of the official week and we will get CME closing. CME weekly closing will be important.
Intraday:
The intraday chart is choppy and I will expect more choppy price action. A solid breakout above $31,440 will allow us a long position.
Remember a test of $28,800 from here is very possible.
@abanefsobulls
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.