The year has started quite turbulently for the crypto traders. We’ve experienced quite a bit of a swing and the prices of most cryptos have fallen down quite a bit.
The trading analysis from last time did reflect nicely into price action confirmation and a small trade from our side, but nothing major.
So far, we are still looking at the BTCUSD price. It seems like it is testing the support level of 13,000. We would be more confident if we see a drop down to around 11,000 before looking for a price action confirmation and a hypothetical long entry.
For now, we are patiently waiting for that to happen.
You should note a couple of important levels. First one is the imminent major support level at between 11,000 and 12,000.
The second prominent level is the resistance level just below 20,000.
For now, price seems locked between those two barriers. A breakout from any of those two levels will mean a continuation on the upside or a reversal to the downside.
Check out our article on the Bitcoin Here