In this new category of articles you will find quick and brief market updates for selected digital currencies in case there is an interesting movement on the market.
BTC / USD
Wooow BTC… We’re not surprised. This huge market manipulation shows the enormous interest in crypto and crypto-projects. As we said in the previous analysis, if RSI 50 doesn’t hold the price, we will go lower to 41.6k and if we break the main TL and BTC is below 40k, we are set for a bigger drop. That’s what happened. We broke everything. The road to $30k for BTC is now open. Since there is still a small chance that this is a fake out so a scalp long is now in place. If we are not back above the monthly TL by the end of the month, due to the monthly candle closing, we are in for a long year. Because getting back above the TL after the monthly candle closes below the TL will be very difficult indeed. There are two scenarios now, if there is to be any more downside, it has to come quickly so that we close above 42k by the end of January. The other scenario is that everything will stretch out and then we will see another deeper drop to 30k. While everything is tight, it’s good that everyone who missed the opportunity for a good entry has now been given a new chance.
Disclaimer: This is not an offer for concluding a contract. Trading cryptocurrencies is a highly risky business and as such you are the only person bearing the risk and responsible for your own decisions. Do not engage in trading unless you do your own research and are fully knowledgeable of the risks.