#BTC back to $37000 support unless something changes soon
Bitcoin is still moving within a Trading Range here, and looks like its going to visit the Support area at around 37k at least unless something changes soon, #Altcoin markets are not looking great either
Appearance is very similar to a bear-flags pattern, but we have to consider that the bear flag may not play out as everyone wishes, it could easily turn into a Wyckoff Accumulation Range. towards the 33-37k area. Until we get back above the "50%" area marked on the chart Bitcoin is not looking that good.
The altcoin markets aren't reacting well to this price action so far, so taking caution until we see more positivity with BTC.
I have out layed two scenarios on the bottom right of my chart, a brief generalized explanation of Trading Ranges and the type of reaction we are looking for here.
Appearance is very similar to a bear-flags pattern, but we have to consider that the bear flag may not play out as everyone wishes, it could easily turn into a Wyckoff Accumulation Range. towards the 33-37k area. Until we get back above the "50%" area marked on the chart Bitcoin is not looking that good.
The altcoin markets aren't reacting well to this price action so far, so taking caution until we see more positivity with BTC.
I have out layed two scenarios on the bottom right of my chart, a brief generalized explanation of Trading Ranges and the type of reaction we are looking for here.