BTC:USD - Market Recap 29.01
Hello traders, here we are again with another market breakdown.
We finally got some stability on the market after the ongoing conflict between USA and Iran where it was almost impossible to analyze, predict or trade any market movement. Now as you can see we did have a pretty good spike to the 9500-9600 level that was covered on the previous article.
This level has a huge significance because as you can tell, BTC has been moving in between channels of support and resistance for months now. With this being said, we broke above the 8000 support and headed straight to 9600 resistance that in the same tame correlates with the weekly descending trend-line. - This by itself is a pretty good indicator that we could see a reversal back down, however we need a confirmation and with the monthly candle closure being just 3 days away so many things could change in a blink of an eye.
So, we should be closely monitoring the 9600 resistance which could easily result with few stop hunts towards 10,000/10,100 - and immediately reverse back below the trend-line.
Keep in mind that unless we break and close above the 10000 we are still technically in a bear trend and the 6000 level still looks tempting for a third touch of the trend-line before any major bull movement occurs.
We finally got some stability on the market after the ongoing conflict between USA and Iran where it was almost impossible to analyze, predict or trade any market movement. Now as you can see we did have a pretty good spike to the 9500-9600 level that was covered on the previous article.
This level has a huge significance because as you can tell, BTC has been moving in between channels of support and resistance for months now. With this being said, we broke above the 8000 support and headed straight to 9600 resistance that in the same tame correlates with the weekly descending trend-line. - This by itself is a pretty good indicator that we could see a reversal back down, however we need a confirmation and with the monthly candle closure being just 3 days away so many things could change in a blink of an eye.
So, we should be closely monitoring the 9600 resistance which could easily result with few stop hunts towards 10,000/10,100 - and immediately reverse back below the trend-line.
Keep in mind that unless we break and close above the 10000 we are still technically in a bear trend and the 6000 level still looks tempting for a third touch of the trend-line before any major bull movement occurs.
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