In this weeks video I discussed BTC, ETH, TOTAL, SOL, AVAX, LUNA, MANA, MIR, MATIC, OXBRW
Down start to the week so far for crypto and not really seeing any signs of a reversal yet. Trend is still down but above 200 moving average in most cases but nothing particularly bullish about price action that suggests crypto is ready to turn back to the upside.
BTC Highlights
Bitcoin has been in a down trend since the break to new all time high in early November. Key support is currently being tested at the 200 moving average but is not showing any evidence of a bullish reversal yet. Fast and slow moving averages are still strongly pointing down and bearish downtrend line resistance has not been broken. Uptrend line has been broken and there is a potential market structure M now suggesting price may still need to head lower. The long tail from last week’s dump is still vulnerable and asking to be tested. I’m expecting price to oscillate around the 200ma for the time being while also exploring the tail down to 42k. Indicators are still looking bearish with a potential bull MACD div being the only early sign of reversal. That div could confirm this week which would be a good sign for the bulls but not an outright buy signal. Once the div confirms I will be looking for a market structure bottom to mark a reversal but until then there is nothing for me to do but wait.
Monday Live Stream
Subscribe to the Shift 4 youtube channel where I will be streaming crypto analysis live every Monday at 16:00 UTC. https://www.youtube.com/channel/UC93FSbs_pilRqY77FSkIIfg
Happy Trading!
