Bitcoin: 25K Support Test This Week?
The bearish momentum continues to drive the short term trend. With the lower high established around the 31 to 32K area, price structure favors a break of supports. It is within reason to anticipate a test of the 25K low, OR a lower low (24K area) UNTIL price proves otherwise.
Things to watch for this week:
A new sell signal upon the break of the 28,600 level.
The 26 to 24K support zone will be in play upon a new sell signal.
More conservative sell signals can appear within the 32 to 34K resistance zone.
IF the 34K resistance is cleared, a change in momentum may be in progress.
Buy signals in the 24 to 25K range are still highly aggressive and should carry low expectations of follow through.
The buy signal at the moment (off of 29K) is low probability and does not meet the criteria of my swing trade strategy.
Short term market timing is about momentum NOT opinions. Don't react to the fist move, prepare for the second one.
I hope you like my new straight to the point format. Thank you for considering my analysis and I hope you find it helpful.
Things to watch for this week:
A new sell signal upon the break of the 28,600 level.
The 26 to 24K support zone will be in play upon a new sell signal.
More conservative sell signals can appear within the 32 to 34K resistance zone.
IF the 34K resistance is cleared, a change in momentum may be in progress.
Buy signals in the 24 to 25K range are still highly aggressive and should carry low expectations of follow through.
The buy signal at the moment (off of 29K) is low probability and does not meet the criteria of my swing trade strategy.
Short term market timing is about momentum NOT opinions. Don't react to the fist move, prepare for the second one.
I hope you like my new straight to the point format. Thank you for considering my analysis and I hope you find it helpful.
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