BTC/USD Daily Chart

Current Price Action behaviour is treated as a trendless phase/trading range/flat which is seen as a corrective pattern of the next higher time frame until proven otherwise. Climax followed (heaviest Volume bar) by Climax Rally and retests of the climax low may offer some clues in terms of what may potentially unfold next. It is my view that the zone shaded with Yellow is likely to be tested. This zone has support factors ranging from 200 Day SMA, price and the and the support line of the pattern drawn from below climax and retest bars. Prior published 3 Box PnF bearish price objective is also valid and stands at 7750.

This analysis is for EDUCATIONAL PURPOSES ONLY and NOT TO BE TAKEN AS A FINANCIAL ADVICE.

Kommentar:

As it was with the initial post this update is for educational purposes only and it should not be taken as a financial advice. Bearish short term sentiment continues as the price action approaches to the significant zone of support. A test ( successful or otherwise) of the bar made on 21/01/2018 is now on hand and our analysis continues.....

Kommentar:

This update is for EDUCATIONAL PURPOSES ONLY and IT IS NOT A FINANCIAL ADVICE.

Are we seeing a successful test of the support zone ? So far, Yes.Formation of a bullish pivot at the current session which is yet to be confirmed ( subject to close of the current daily bar) is the technical evidence. Should we have a confirmed bullish pivot by the close, that may suggest bulls gaining control with commitment in the short term and a potential test of some resistance levels within the pattern.