Hello traders,
Big moves in the market this week. After months of moving back and forth in between 11500 and 9500, BTC broke below 9.5k support which resulted with a drastic sell-off, taking us to the likes of 8000 once again where its currently being traded at.
Even though the long term perspective still looks bullish, knowing that we came up from 3k this sell-off was inevitable.
Looking at the weekly time frame, you can see that it looks like BTC is moving in similar zones.
After breaking below 9500, the 6000 support looks closer than ever, but however before going there BTC could be mimicking, so we could be seeing price moving in-between 9500 - 7500 on the weekly - similar to the previous zone from where we broke from.
Although we do not have much price action in the lower time-frame time-frames, logically I believe we could be testing 6000 one more time as a final preparation for the EOY upside push.
Keep in mind that this is not final, we do not have much price action movements on the smaller time-frames such as 1D since the reversal, so stay tuned because the analysis will be updated.
Big moves in the market this week. After months of moving back and forth in between 11500 and 9500, BTC broke below 9.5k support which resulted with a drastic sell-off, taking us to the likes of 8000 once again where its currently being traded at.
Even though the long term perspective still looks bullish, knowing that we came up from 3k this sell-off was inevitable.
Looking at the weekly time frame, you can see that it looks like BTC is moving in similar zones.
After breaking below 9500, the 6000 support looks closer than ever, but however before going there BTC could be mimicking, so we could be seeing price moving in-between 9500 - 7500 on the weekly - similar to the previous zone from where we broke from.
Although we do not have much price action in the lower time-frame time-frames, logically I believe we could be testing 6000 one more time as a final preparation for the EOY upside push.
Keep in mind that this is not final, we do not have much price action movements on the smaller time-frames such as 1D since the reversal, so stay tuned because the analysis will be updated.
