💥Lower prices in Bitcoin? / Weekly Trading Range
Since bitcoin price hit new ATH, price is falling. We had about 30% falling this week.
With this strong sold off we get that we are now in trading range phase.
Remember that 80% of trading range breakout attempts fail. That's why after hitting new ATH Bitcoin fall down.
1) Price returns back to the first bullish orderblock.
We have also 2 Fibonacci levels 50%-61% so we have to wait and see the close of weekly candle.
2) If price keeps falling then the most important trading zone will be $40,100 - $38,150.
We had a reaction to this zone before and price got supported, so this will be next bear targets.
3) Final target in my vision will be bottom of trading range.
Second bullish orderblock in right near bottom of trading range.
So be careful about US federal reserve meeting and words. Increasing the speed of tapering causes markets to fall. Next year may not be a good year for the crypto market because tapering will definitely increase and US interest rates may also rise in one or two steps, causing the US dollar to rise and stock and crypto markets to fall.
With this strong sold off we get that we are now in trading range phase.
Remember that 80% of trading range breakout attempts fail. That's why after hitting new ATH Bitcoin fall down.
1) Price returns back to the first bullish orderblock.
We have also 2 Fibonacci levels 50%-61% so we have to wait and see the close of weekly candle.
2) If price keeps falling then the most important trading zone will be $40,100 - $38,150.
We had a reaction to this zone before and price got supported, so this will be next bear targets.
3) Final target in my vision will be bottom of trading range.
Second bullish orderblock in right near bottom of trading range.
So be careful about US federal reserve meeting and words. Increasing the speed of tapering causes markets to fall. Next year may not be a good year for the crypto market because tapering will definitely increase and US interest rates may also rise in one or two steps, causing the US dollar to rise and stock and crypto markets to fall.
My Telegram: @amirsoraya
