Overview of what we see in the charts:
Bitcoin saw price fake-out above what seems to have become the critical level at 9000 (Vegeta over 9000 meme territory) only to close back below this area on the close of the daily candle. This choppy price action is a caution as this action traps one side before sending the price in the opposite direction. What we call a classic Bull trap. Below price at present we have quite a few levels of solid support below this 9k trading range. If the bulls can come together and hold over the next week this could lead to a solid beginning to an uptrend for the year.
Support Levels: $8500-8650 shows an area of solid support to protect the bulls from a bearish onslaught
Resistance Levels: $9000 has price showing its ceiling and rejection at this point in time. See circles of interest.
Circles of interest: Depicted Via the yellow circles price needs to pop above this price point and confirm support to see fresh air to the up side.
Gold: Gold has seen a slight dip from the 8th of January and is yet to recover to the high. The last 5 days have shown consistent gains. If the gold market can continue higher Bitcoin could follow.
As always we are keeping our eyes on overall global economic sentiment and the reaction in the Bitcoin/Crypto, Gold and Silver markets.
Bitcoin saw price fake-out above what seems to have become the critical level at 9000 (Vegeta over 9000 meme territory) only to close back below this area on the close of the daily candle. This choppy price action is a caution as this action traps one side before sending the price in the opposite direction. What we call a classic Bull trap. Below price at present we have quite a few levels of solid support below this 9k trading range. If the bulls can come together and hold over the next week this could lead to a solid beginning to an uptrend for the year.
Support Levels: $8500-8650 shows an area of solid support to protect the bulls from a bearish onslaught
Resistance Levels: $9000 has price showing its ceiling and rejection at this point in time. See circles of interest.
Circles of interest: Depicted Via the yellow circles price needs to pop above this price point and confirm support to see fresh air to the up side.
Gold: Gold has seen a slight dip from the 8th of January and is yet to recover to the high. The last 5 days have shown consistent gains. If the gold market can continue higher Bitcoin could follow.
As always we are keeping our eyes on overall global economic sentiment and the reaction in the Bitcoin/Crypto, Gold and Silver markets.