Bitcoin - Target $8,000 - $7,000

Currency Pair: BTC.USD
Time Frame: Daily
Predicted Direction: Short

Live BTC.USD updates will be available in the comments section below.

The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Should my daily predicted direction be incorrect no trade opportunity will be generated.

Note

The Daily candle closed below $10k providing additional bearish information.
I suspect a pullback to $10.5k will occur prior to a continued push to the downside.

Note

In my opinion there are 2 reversal areas to watch.
The first being the 38.20% which would also coincide with the 1hr 50EMA.
The second being the 61.80% which would coincide with the 4hr 50EMA.

Note

Always keep in mind the Daily & 4hr structure levels presented below.

Note

Textbook 1hr 38.20% rejection.

Note

How to identify trade setups using the 50EMA

Note

Price now breaking below the ascending trendline support outline above.
This for me now has all the legs to breach the $9k mark.

Note

$9,000 mark has been breached :-)

Note

Finally onto the final key area of $8,000 which i will personally await a reversal & long opportunity,

Note

Price bouncing off $7,500, should this break i can only see the next level would be $5,500 as from my analysis above on the 21st January.

UnknownUnicorn180388

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.

UnknownUnicorn180388