Good morning and welcome back from the long weekend. This morning (1/22) we saw a brief selloff followed by a quick reversal here in BTC. We like to look for patterns and trends, and what this price action reminds us of was the quick REJECTION of the pop up to ~$4,200 on January 8th. Seeing no follow-through, BTC went sideways for roughly 48 hours then back-filled this rally that started on January 6th.
Today we are seeing a similar chart, just flipped upside-down. On Sunday January 20th we saw a sell-off, and this morning watched an attempt at a follow-through get stopped in its tracks and reverse almost $150. This price action could be a tell for a potential backfill in the coming days from this weekend’s selloff. If this occurs, we would likely see bullish sentiment in BTC, with market participants claiming $3,600 as a major support level, and small rally into this $3,600-$4,200 range. We are still BEARISH here at BitOoda and believe rallies could be sold into, as the lows of mid-December may be revisited. Until then, we try give color on the spots in this range in which we feel traders can get in and out quickly to make short-term profits.
Today we are seeing a similar chart, just flipped upside-down. On Sunday January 20th we saw a sell-off, and this morning watched an attempt at a follow-through get stopped in its tracks and reverse almost $150. This price action could be a tell for a potential backfill in the coming days from this weekend’s selloff. If this occurs, we would likely see bullish sentiment in BTC, with market participants claiming $3,600 as a major support level, and small rally into this $3,600-$4,200 range. We are still BEARISH here at BitOoda and believe rallies could be sold into, as the lows of mid-December may be revisited. Until then, we try give color on the spots in this range in which we feel traders can get in and out quickly to make short-term profits.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.