Price couldn’t hold over the black line at 11321 or break the price resistance at 11989.
Now looking for some consolidation or a bit of a pullback.
The retracement levels (red lines) should be support areas, short term.
Whether the short term levels will hold or if we need to look at the larger swing levels will be revealed by the price action.
A look at the 1 hr chart.
Looking for another leg to the downside.
Good status analysis of BTC as always. We need some good news if we want BTC to go back to its normal levels. I think in these news what we have now, this is it. I am prepared for BTC to stay at these levels without news.
News wouldn't hurt but, actually, if BTC behaves like other markets, the market moves and then the news follows. When a market moves, the reporters of news search for something to justify, in their minds, the price action. There's always something to "explain" a movement, whether the move is up or down.
I think that the increasing acceptance of BTC and the increasing turmoil throughout the world will work to raise the value of BTC regardless of whatever "news" might pop up.
Thanks for following.