BTC - Price Analysis
After some turbulence the past few days, the price of Bitcoin has calmly settled on top the .5 fibonacci level.
Psychological support levels have been illustrated by the light blue lines under the price. If the Fibonacci level breaks down, these will act as our next lines of support.
The RVI displays a well-defined range of movement for the current volatility levels.
The ADX is signaling a very weak trend direction as well as little directional movement on the price.
Furthermore, the volume has been bearishly descending over the past 12 days.
Because the price has been moving within a well-defined range of volatility, and the current trend and price direction is low, I would expect any downside break would cause a retracement to the 0.618 levels.
The Kumo cloud indicates a large reduction in volatility upcoming. I would expect any short-term downward price action to be followed by a spike in volume resulting in a quick price bounce.
If that scenario occurs, I predict a surge up towards the 0.382 - .236 fibonacci levels. Meaning the price should extend towards 3697 - 3989 near the beginning of February.
Psychological support levels have been illustrated by the light blue lines under the price. If the Fibonacci level breaks down, these will act as our next lines of support.
The RVI displays a well-defined range of movement for the current volatility levels.
The ADX is signaling a very weak trend direction as well as little directional movement on the price.
Furthermore, the volume has been bearishly descending over the past 12 days.
Because the price has been moving within a well-defined range of volatility, and the current trend and price direction is low, I would expect any downside break would cause a retracement to the 0.618 levels.
The Kumo cloud indicates a large reduction in volatility upcoming. I would expect any short-term downward price action to be followed by a spike in volume resulting in a quick price bounce.
If that scenario occurs, I predict a surge up towards the 0.382 - .236 fibonacci levels. Meaning the price should extend towards 3697 - 3989 near the beginning of February.
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