crypto-AST

BTC bulls with brief rally then hell.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
CryptoAST BTC USD Breakdown

On our last breakdown of BTC USD we stated that we would see bullish price action to highs of 10,200$ before seeing bearish price action to 8,500$ and this was stated when BTC was trading at 9,632$. However, highs were only achieved to 10,020$ and it was warned that highs would only be to 10,000$ in later parts of the analysis looking at more minuscule time frames.



THIS WAS WHAT WAS STATED AT THE END OF OUR BREAKDOWN LAST WEEK WITH PRICE TRADING AT 8,768$:

- On the weekly, we can see that we have just wicked above the weekly resistance trend line drawn on chart and now we are facing resistance from this level, with the previous weeks candle becoming a bearish engulfing candle. This would tell traders that we would see continued bearish price action to the 8,200$,8,000$ and finally 7,700$ price levels for support.

- On the daily, we can see bullish price action to 9120$ before bearish price action takes charge once again to break the 8,600$ support level . EMA support lays at 8177$ and this means we all probably see some bullish price behaviour evolve from this level but it will not be strong price action.

- Again, on the 4 hourly, we can see that it would not be silly of us to expect a bullish move to the 9000$ level at the least before bearish price action sets into the market once again.

- On the hourly, we can see the same bullish price action to the 9,000$ price level at the least before any bearish price action down to the 8,200$ support level .


To conclude, the bulls will have a brief rally before the bears send them to hell.

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