BTC/USD - Short Term Outlook

Bitcoin has had a strong down day today, pretty much hitting consolidation support which is the level which could act as a mini support before hitting the proper support zone below properly. Usually these non official support levels would be disregarded by me but in light of price stopping there, having some compelling reversal candles there before jumping, it could be a legitimate level that is at least worth legitimately heeding. In my previous analysis I mentioned that 20 moving average was an important technical support level. Price has NOT closed below the 20 moving average on the 12 hour candles (Yet) so technically still looking up, although the odds at this stage are diminished considerably so I am now looking at the downside possibilities in this analysis whilst still maintaining my previous line of thinking.

Price will now likely either:

- Bounce at 6190 and take on the consolidation support, and bounce from it, making an upside move to at least the resistance zone between 6590
and 6760.

- Price breaks below the consolidation support at 6190 and then goes to the downside to the horizontal support zone between 6000 and 5890 before bouncing up from there. If price bounces this low, bear in mind that price could find resistance at 6190 and retest the low again before breaking up.

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Comment:

Price is relaxing up today after the big fall. Although a very minor Bullish Harami at the moment, odds are that we're going to the downside still and hitting either the consolidation support or the lower horizontal support zone.

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Comment:

Some nice strength back in the market which is great news at this level :-)

Whether it lasts long or not however remains to be seen. Let’s keep an eye out and make sure we’re trading safely. Since it’s not technically at consolidation not technically the power suppprt boundary either. Let’s be nimble.

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Comment:

Although there was green candles, they are very weak and show no real sign of bullish momentum at all. For now I am still seeing the downside after the long noobs get wiped out real quick, after that it's time to get the movement anticipated.

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