Today PrimeXBT will be offering a technical and fundamental analysis overview of BTCUSD.
Fundamental Analysis / News:
Yesterday, the markets witnessed the single largest upward movement for BTCUSD since the China-driven pump that occurred at the end of October. Bullish sentiment has returned to Bitcoin's market and analysts are suggesting that BTC’s recent lows may mark a short-term bottom.
The move coincides with the impeachment of US President Donald Trump following 12 hours of House debate last night.
Technical Analysis:
If we take closer to the four-hour timeframe, we can see the leading diagonal trend line (marked as five waves). For now, the price has broken the minimum of this impulse. This price action is firmly in accordance with Wyckoff's Events and Phases. If this potential scenario begins to unfold, we are about to see some decent growth.
In general, the situation is quite interesting. Lots of traders would like to see another series of panic sales, but perhaps Bitcoin won't present us with such a gift at this time.
If Bitcoin's price breaks the support level seen in the chart, then we anticipate that its price will continue to extend the ongoing downtrend.
Share your thoughts about the current market situation below!
We appreciate the continuing support that PrimeXBT has received from readers and traders like you!
Fundamental Analysis / News:
Yesterday, the markets witnessed the single largest upward movement for BTCUSD since the China-driven pump that occurred at the end of October. Bullish sentiment has returned to Bitcoin's market and analysts are suggesting that BTC’s recent lows may mark a short-term bottom.
The move coincides with the impeachment of US President Donald Trump following 12 hours of House debate last night.
Technical Analysis:
If we take closer to the four-hour timeframe, we can see the leading diagonal trend line (marked as five waves). For now, the price has broken the minimum of this impulse. This price action is firmly in accordance with Wyckoff's Events and Phases. If this potential scenario begins to unfold, we are about to see some decent growth.
In general, the situation is quite interesting. Lots of traders would like to see another series of panic sales, but perhaps Bitcoin won't present us with such a gift at this time.
If Bitcoin's price breaks the support level seen in the chart, then we anticipate that its price will continue to extend the ongoing downtrend.
- Local support zone: $7015 - 6830
- Local resistance zone: $7400 - 7475
- Support level: $6612
- Resistance level: $7848
- Market Cap: $129 896 997 396 USD
- Volume (24h): $29 310 665 112 USD
- Circulating Supply: 18 106 162 BTC
Share your thoughts about the current market situation below!
We appreciate the continuing support that PrimeXBT has received from readers and traders like you!
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