๐ค #BTCLIVE - 27.08 ๐ค
TLDR:
Short-Term (<1 Day)
60:40- Bullish:Bearish
Mid-Term (<1 Week)
60:40
Bullish:Bearish
Long-Term (1 Month
70:30 - Bullish:Bearish
TECHNICAL ANALYSIS:
There are surprisingly a decent amount of bullish factors in play although there is a much larger bearish sentiment at play with Jerome Powells words still resonating and the additional FUD from the MT Gox Fake News turned the market bot below $20k Bitocin price and also below the critical $1T mark. In a macro sense on the 1 week chart the max pain price at the lower end of the descending wedge is looking a potential $16k which is looking a lot more realistic now that a week ago.
Currently it is a tough call with us sat right on $20k although leaning slightly towards losing it over the next 24 hours for some contuned pain for the bulls - It is looking like we will track down in this channel to around $19.6k before the next bounce or dump to a bigger bear target of $18.8k is still on the cards. Although we do see some quite unusual activity on Sunday's and a jump up out of this channel can also jump to $20.5k could be very realistic if only short lived.
Technical Analysis Bullish Factors:
+ Untested Daily POC line at $20.1k
+ Untested Weekly Pivot
+ Bullish Divergences coming in
+ Descending channel
+ New Weekly Pivot will likely be untested too at $20.5k region
Technical Analysis Bearish Factors:
- Lower Low
- Broke $20k support - big support
- Below all EMA's ad DEMA's
NEWS:
Bull:
+ Mt Gox news turned out to be fake
Bear:
- Fake Mt Gox Repayment News spread on Crypto Twitter, possible instigation of FUD
TLDR:
Short-Term (<1 Day)
60:40- Bullish:Bearish
Mid-Term (<1 Week)
60:40
Bullish:Bearish
Long-Term (1 Month
70:30 - Bullish:Bearish
TECHNICAL ANALYSIS:
There are surprisingly a decent amount of bullish factors in play although there is a much larger bearish sentiment at play with Jerome Powells words still resonating and the additional FUD from the MT Gox Fake News turned the market bot below $20k Bitocin price and also below the critical $1T mark. In a macro sense on the 1 week chart the max pain price at the lower end of the descending wedge is looking a potential $16k which is looking a lot more realistic now that a week ago.
Currently it is a tough call with us sat right on $20k although leaning slightly towards losing it over the next 24 hours for some contuned pain for the bulls - It is looking like we will track down in this channel to around $19.6k before the next bounce or dump to a bigger bear target of $18.8k is still on the cards. Although we do see some quite unusual activity on Sunday's and a jump up out of this channel can also jump to $20.5k could be very realistic if only short lived.
Technical Analysis Bullish Factors:
+ Untested Daily POC line at $20.1k
+ Untested Weekly Pivot
+ Bullish Divergences coming in
+ Descending channel
+ New Weekly Pivot will likely be untested too at $20.5k region
Technical Analysis Bearish Factors:
- Lower Low
- Broke $20k support - big support
- Below all EMA's ad DEMA's
NEWS:
Bull:
+ Mt Gox news turned out to be fake
Bear:
- Fake Mt Gox Repayment News spread on Crypto Twitter, possible instigation of FUD
