Navigating the Crypto Market Is a Bottom In Sight?
Daily BTC short term analysis
BTC has been trying to push the price up as the latest data from the CPI report and all the positive news has come in, but now we see a clear rejection in the $18,400 area. If you managed to buy or take a long position when we were below $15,900, you are clearly still in profit at this time
The Harmonic Butterfly pattern was completed and we saw a rejection at the end price point of the pattern. As I mentioned in my previous blog, we can talk about a shift in market sentiment when we saw a break of the key levels around $18,600 up to $19,200, here we see that the price really tried to go higher but failed, it may take some time for a new pattern to form for trading, so for now I will just watch the market move.
I am bearish on Bitcoin in the short term, but it appears to be inside a large ascending channel pattern. This pattern has been acting as support and has gotten bigger over time, which often indicates a big move is coming. It is difficult to predict whether the pattern will break above or below, but the longer it takes to make a break, the stronger the pattern becomes.
On the weekly time frame for Bitcoin, we can see that it has been creating lower highs and lower lows, which suggests that the recent price movement may indicate a downward trend. However, if there is a clear breakout above key levels, I will shift my bias from bearish to bullish. For now, I will follow the current trend.
"Cryptocurrency trading carries significant risk and may result in the complete loss of your investment. It is important to conduct thorough research and consult with a licensed financial advisor before making any investment decisions."
Reminder: the trend is your friend.
Don't have a good day have a great day.
Blog Author: John Daele Bandilla
