Hi Traders,
BTC is still currently looking bullish and in fact so are cryptocurrencies in general. BTC tends to lead the way for crypto pricing so therefore it makes sense for an analysis to be drawn.
As mentioned above BTC is still bullish meaning that there could still be more tests of the all time high to come in the short term, we will be looking at what price action is doing at this level. If it looks like price is tarting to stagnate and the resistance proving itself as then I would like to see a retrace to the 0.382 Fib retracement which would be around the $16,000.
Adding this analysis with the fundamentals, if we start seeing more economies distributing a vaccination to its public (United Kingdom) with the combination of strengthening economic data we will most definitely see more demand for cryptocurrencies and hence pushing prices higher.
Thanks
The Market-Sniper Team
BTC is still currently looking bullish and in fact so are cryptocurrencies in general. BTC tends to lead the way for crypto pricing so therefore it makes sense for an analysis to be drawn.
As mentioned above BTC is still bullish meaning that there could still be more tests of the all time high to come in the short term, we will be looking at what price action is doing at this level. If it looks like price is tarting to stagnate and the resistance proving itself as then I would like to see a retrace to the 0.382 Fib retracement which would be around the $16,000.
Adding this analysis with the fundamentals, if we start seeing more economies distributing a vaccination to its public (United Kingdom) with the combination of strengthening economic data we will most definitely see more demand for cryptocurrencies and hence pushing prices higher.
Thanks
The Market-Sniper Team
