BTCUSD Bitfinex. Where to next
Fundamental and Technical Analysis
As everyone knows, the entire market had a rather healthy pull back in the last 24 hrs. This provides plenty of opportunity.
Early December of 2017 was when the media frenzy surrounding bitcoin really took off and the price of bitcoin deviated significantly from its upward trend. A lot of new investors got into the market at the 10k zone. (Look at the volume in the first week of DEC)
We have just tested this zone and the next 24-48 hrs will show us if this is the bottom we are looking for.
The 1st futures contracts also expire on the 18th of Jan which may open the door for more buying.
Upside: 12.2k and a bullish candle stick will confirm reversal. There is more than enough room on the RSI and MACD on the 1 day chart for a major reversal.
Downside: The next Support Zone is 8-9k. This belongs to the major trend line from 2017. A lot of analysis out there calls for a retracement to this level before rebounding to 20k over the next month.
I personally believe 10k Support will hold, there are a lot of long shadows on the 4hr candle sticks signalling strong buy pressure. To limit my risk I have opened a 50% position at 11k. The other 50% in reserve to buy at 12.2k or 8.5k depending on what happens.
Good Luck
P.S Does anyone know a good way of receiving prompt crypto news from Asia?
As everyone knows, the entire market had a rather healthy pull back in the last 24 hrs. This provides plenty of opportunity.
Early December of 2017 was when the media frenzy surrounding bitcoin really took off and the price of bitcoin deviated significantly from its upward trend. A lot of new investors got into the market at the 10k zone. (Look at the volume in the first week of DEC)
We have just tested this zone and the next 24-48 hrs will show us if this is the bottom we are looking for.
The 1st futures contracts also expire on the 18th of Jan which may open the door for more buying.
Upside: 12.2k and a bullish candle stick will confirm reversal. There is more than enough room on the RSI and MACD on the 1 day chart for a major reversal.
Downside: The next Support Zone is 8-9k. This belongs to the major trend line from 2017. A lot of analysis out there calls for a retracement to this level before rebounding to 20k over the next month.
I personally believe 10k Support will hold, there are a lot of long shadows on the 4hr candle sticks signalling strong buy pressure. To limit my risk I have opened a 50% position at 11k. The other 50% in reserve to buy at 12.2k or 8.5k depending on what happens.
Good Luck
P.S Does anyone know a good way of receiving prompt crypto news from Asia?
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