BTC/USD | Levels of Uncertainty
After a large correction and subsequent bounce, BTC once again finds itself caught in the midst of uncertainty.
Fundamentally speaking, the market is experiencing varying degree's of FUD off the back of China's hard regulatory stance on cryptocurrency exchanges and ICO's, somewhat dampened by a largely bullish and eager market of HODLers who are used to seeing BTC bounce back time after time and achieving sustained long-term growth.
Current price action points to a relative stalemate between the bulls and bears with prices recently halted near the 3950-4080 area. By the looks of things, the next couple days will give us a clearer direction as the price moves closer to the downward trend line. In my humble opinion, it seems like further downward movement offers the path of least resistance, however, there is room for upward momentum towards the 4400 range if we see an upward break of the same trend line.
The chart above highlights the key area's I am watching for possible trade opportunities, looking to short any bearish confirmation near the downward trend line and make small long swing trades at the 3750 - 3500 range bearing in mind we may see a full retrace back down to 3000 or even further.
Given the current uncertainty, caution is advised, as camps seem to be evenly divided as is the probability of movement in either direction at this point.
Disclaimer:
I am by no means a professional, trader, so don't base any decisions of this analysis, rather use it more as a window into the views of another market participant and do your own research. :-)
Fundamentally speaking, the market is experiencing varying degree's of FUD off the back of China's hard regulatory stance on cryptocurrency exchanges and ICO's, somewhat dampened by a largely bullish and eager market of HODLers who are used to seeing BTC bounce back time after time and achieving sustained long-term growth.
Current price action points to a relative stalemate between the bulls and bears with prices recently halted near the 3950-4080 area. By the looks of things, the next couple days will give us a clearer direction as the price moves closer to the downward trend line. In my humble opinion, it seems like further downward movement offers the path of least resistance, however, there is room for upward momentum towards the 4400 range if we see an upward break of the same trend line.
The chart above highlights the key area's I am watching for possible trade opportunities, looking to short any bearish confirmation near the downward trend line and make small long swing trades at the 3750 - 3500 range bearing in mind we may see a full retrace back down to 3000 or even further.
Given the current uncertainty, caution is advised, as camps seem to be evenly divided as is the probability of movement in either direction at this point.
Disclaimer:
I am by no means a professional, trader, so don't base any decisions of this analysis, rather use it more as a window into the views of another market participant and do your own research. :-)
Disclaimer
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