Hey Traders!
Today we took a look at BTCUSD on ALL of the time frames.
It is important for us to consider what is happening across the globe right now especially within Cryptos..
We have the majority of mining occurring in China where the average cost is $3200...
In America its about $4800...
When we take a look at technical analysis and see whats happening on the daily time frame we experienced an entire week of buying followed by today's massive sell off. A large amount of this volume happened within a couple of minutes which shows us there are SELLERS (whales) that are seeking good price points to take profit and when we look at the existing structure our next target for the bears to move towards will be 7500
There is an intraday head and shoulders pattern setting up on the H1 and on the H4 we have a lot of bearish momentum picking up indicating the possibility of price sliding lower.
Right now there is no clear buy and we will be following along with this asset as the week continues
BEARISH TARGET = 7500
Today we took a look at BTCUSD on ALL of the time frames.
It is important for us to consider what is happening across the globe right now especially within Cryptos..
We have the majority of mining occurring in China where the average cost is $3200...
In America its about $4800...
When we take a look at technical analysis and see whats happening on the daily time frame we experienced an entire week of buying followed by today's massive sell off. A large amount of this volume happened within a couple of minutes which shows us there are SELLERS (whales) that are seeking good price points to take profit and when we look at the existing structure our next target for the bears to move towards will be 7500
There is an intraday head and shoulders pattern setting up on the H1 and on the H4 we have a lot of bearish momentum picking up indicating the possibility of price sliding lower.
Right now there is no clear buy and we will be following along with this asset as the week continues
BEARISH TARGET = 7500