BITCOIN ANALYSIS: JANUARY 19TH, 2019
Good evening, keeping this one short and to the point.
In late December and mid-January we tested the 4k range and were met with considerable resistance.
With Bitcoin volatility at it's lowest since November, it is likely that a major move is coming soon.
As you can see, we've been forming lower highs and volume is declining which leads me to believe
the price will continue to fall lower, accelerating once it breaks convincingly below $3,300.
I am cautiously bearish, but if we break above 4k and can close on the daily chart above $4,100,
I see us topping out in the low-mid 5k range before reaching fresh yearly lows.
Bottom line: a major move is coming soon.
It is best to wait for the market to choose a direction before making a trade.
Jumping in too early may lead to losses or unnecessary liquidations.
KEEP IT SIMPLE!
Be patient, there is plenty of money to be made after confirmation.
My stance: neutral to bearish unless we can close above 4k with volume.
Where do you think the market is going? Agree? Disagree?
Let me know in the comments!
Good evening, keeping this one short and to the point.
In late December and mid-January we tested the 4k range and were met with considerable resistance.
With Bitcoin volatility at it's lowest since November, it is likely that a major move is coming soon.
As you can see, we've been forming lower highs and volume is declining which leads me to believe
the price will continue to fall lower, accelerating once it breaks convincingly below $3,300.
I am cautiously bearish, but if we break above 4k and can close on the daily chart above $4,100,
I see us topping out in the low-mid 5k range before reaching fresh yearly lows.
Bottom line: a major move is coming soon.
It is best to wait for the market to choose a direction before making a trade.
Jumping in too early may lead to losses or unnecessary liquidations.
KEEP IT SIMPLE!
Be patient, there is plenty of money to be made after confirmation.
My stance: neutral to bearish unless we can close above 4k with volume.
Where do you think the market is going? Agree? Disagree?
Let me know in the comments!