BITCOIN NOT OUT OF THE WOODS YET. MARKET STILL SHORT TERM BEARISH

Taylor Swift- Out of the Woods

GOOD AFTERNOON STEEMIT,

After a tough morning walking along the beach and then hanging out with my mate and his pug puppy, I’m back at my trading desk for the afternoon.

It’s pretty warm here in Sydney today, so I’m pretty happy that I got out and about in the morning and can now hide away in the cooler indoors. Let’s just say that my skin certainly wasn’t designed for the Australian climate! 😂

Turning our focus back to markets and the absolute puke city that we’ve been experiencing across the board lately, I wanted to just highlight the fact that we’re not out of the woods yet.

I wanted to repeat this line again:

I have seen explications for the drop going around like ‘Asian holidays, January sells off every year, Korean ban, China ban etc etc, but in my opinion this was purely technical and driven by king Bitcoin.

To me, the fall can be attributed to a technical break down of the bullish trend line that you see in this chart:

BTC/USD Daily

That trend line break also signalled at least a short term change of trend and with this, comes the prospect of sellers putting pressure on price during every bounce.

The rectangled zone that price is pushing up into above, is one such area of previous support that sellers are going to be now lurking. Don’t let yourself get caught out!

Peace ✌🏻.

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