Let's face it... we've seen worse. We've seen Bitcoin price drop 30%, 40%, and 50% at times.
Right now price is testing the local high from July, a very significant resistance level.
At this point your guess is as good as ours. We're not here with crystal balls. We're here to manage risk and be right more often than wrong. Now may be a good time to tighten stops or close longs.
To help remove a lot of the FUD (fear, uncertainty, doubt) with manual trading, you can also build, test and optimise trading strategies using our signal creation platform now in beta version.
As seen on the chart, the yellow zone shows where market strong market supply was triggered back in July. An area that the market is now re-testing for confidence to move up. We currently expect a 10% drop to $10,500 is healthy for the overall market structure, finding support at the previous level and also against the rising tinken line from the Ichimoku indicator (shown in blue).
If the bulls can hold this yellow zone for at least a few days, then momentum can turn around and our next target above is 17% gain at $14,000.
But as of this moment we hold a short-term short bias for bitcoin.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Right now price is testing the local high from July, a very significant resistance level.
At this point your guess is as good as ours. We're not here with crystal balls. We're here to manage risk and be right more often than wrong. Now may be a good time to tighten stops or close longs.
To help remove a lot of the FUD (fear, uncertainty, doubt) with manual trading, you can also build, test and optimise trading strategies using our signal creation platform now in beta version.
As seen on the chart, the yellow zone shows where market strong market supply was triggered back in July. An area that the market is now re-testing for confidence to move up. We currently expect a 10% drop to $10,500 is healthy for the overall market structure, finding support at the previous level and also against the rising tinken line from the Ichimoku indicator (shown in blue).
If the bulls can hold this yellow zone for at least a few days, then momentum can turn around and our next target above is 17% gain at $14,000.
But as of this moment we hold a short-term short bias for bitcoin.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
