In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the January 4th session.
Bitcoin — As you can see, the bitcoin has initially tried to rally, but struggled at the $15,000, turned around, and formed a shooting star, which is of course a negative sign. We are at the 20-period SMA of the Bollinger Bands and turning lower. So, I think that the breakdown below the bottom of the candle sends this market looking for $13,000. A break below $12,000 open the floodgates towards $10,000, and then $8,000. This is the 50% Fibonacci retracement level of the long-term move. So, it makes sense. Alternatively, if we can break above $16,000, then we could reach $18,000, and then $20,000.
© Prabhu for Forex Videos, 2018. |
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