kewbie

BTCUSD Reversal Zones

BITFINEX:BTCUSD   Bitcoin / Dollar
Major support zone starts from 4.1k - 5k; this was the region in which btc             traded for a substantial amount of time
Minor support zone starts from the november low of 5.4k up to to the october's high of 6.45k.

There are good fundamentals for this continuation of the downtrend with the most significant one being the credit card bans by Bank of America and JP Morgan.
Traditional markets are not performing well with VIX             spiking up to 37; smart money is sitting tight and enjoying the volatility in traditional markets.


Recent developments is we're trading above the daily bullish doji formation. For BTC to set a good foundation for another massive bull-run it'll need to start ranging for a while again.
We have a lot of resistance zones to break; the only good aspect is that we fell pretty fast ever since 10.3k so it shouldn't be too hard to break them. A critical level to retest is the previous support level.
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Momentum is really low; btc is not what it used to be anymore.
The critical level atm I see to sustain this bullish move is 7.4k; if we close below be very cautious as once we close below 7.1k we should begin to look for lower lows.
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8400 level broke; Aiming to see a critical level retest of 9.4k.
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Intraday levels of importance
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