As projected yesterday, BTC moved down today. However, the closure was rather indecisive from the candles perspective. I say that both bulls and bears have equal chances at this point. While there is a substantial bearish pressure on the longer time frames, the trend could reverse and resume its bullish advance.

On the 1hr chart below I indicated an inflection area, marked by a red rectangle. If the coin advances above 48000-49000, the odds will become bullish. If BTC is rejected at this level, it would fall rather sharply, most likely in the defined channel.

The behavior at the inflection point would be crucial for printing the weekly and monthly candles on the weekend. I am watching closely and plan to share my monthly/weekly update on the weekend.

If you like the content and it helps in your trading, you can subscribe for my posts to be delivered to your inbox. If you feel that my analysis is supporting the growth of your accounts, I would greatly appreciate any monetary support for this site.

%d bloggers like this: