Following up from my previous analysis on bitcoin we can see how price has continued to tumble lower. The support level at 37.5 failed to hold and was broken with quiet high volume candles on the 4h timeframe. With this is mind im now expecting us to fall lower to our next area of support which also proves as a psychological level (30k). Youll tend to find that people will place orders in these kind or levels for either entering a position or closing. Buyers will most definitely be waiting at 30k.
Looking at the current price action on the 4h timeframe the volume in the candles has dropped off suggesting profit taking ect. We could consolidate here before seeing one last push into our support. When we eventually get here I can imagine we will definitely get some consolidation for some time before making any kind of moves up or down.
For me as of right now the previous lower high that was put in is at the 44k area. I never consider a change in a directional bias unless we get a clear break of previous lower highs and same visa versa. This applies to any time frame that I trade. Its how price moves.
Keeping a eye on things and will see how we continue to roll through the remainder of the month! Youtube video break downs to come!
Looking at the current price action on the 4h timeframe the volume in the candles has dropped off suggesting profit taking ect. We could consolidate here before seeing one last push into our support. When we eventually get here I can imagine we will definitely get some consolidation for some time before making any kind of moves up or down.
For me as of right now the previous lower high that was put in is at the 44k area. I never consider a change in a directional bias unless we get a clear break of previous lower highs and same visa versa. This applies to any time frame that I trade. Its how price moves.
Keeping a eye on things and will see how we continue to roll through the remainder of the month! Youtube video break downs to come!