BITCOIN / USD TA
Bitcoin has been hovering just between the 0.382 ($59,300) Resistance & 0.236 ($57,000) Support. Both are detrimental for the coming weeks & days. Good thing on horizon is that bullish MACD divergence on the 4H chart. It may indicate that trend reversal back into 'bullish' is on horizon.
Can we dip lower from here?
If we fail to hold $57,000 support, a drop towards $53,500/$54,000 might be inevitable unfortunately and fortunately at the same time. A drop now, would indicate a trend extension possibly into February/March. An uptrend now, would possibly indicate a trend reversal into bear market some time in late January/February.
At this time keep your eyes on that crucial 0.236 FIB level (+-$200 swings are fine as long as we don't close below that level)
Bitcoin has been hovering just between the 0.382 ($59,300) Resistance & 0.236 ($57,000) Support. Both are detrimental for the coming weeks & days. Good thing on horizon is that bullish MACD divergence on the 4H chart. It may indicate that trend reversal back into 'bullish' is on horizon.
Can we dip lower from here?
If we fail to hold $57,000 support, a drop towards $53,500/$54,000 might be inevitable unfortunately and fortunately at the same time. A drop now, would indicate a trend extension possibly into February/March. An uptrend now, would possibly indicate a trend reversal into bear market some time in late January/February.
At this time keep your eyes on that crucial 0.236 FIB level (+-$200 swings are fine as long as we don't close below that level)
