Taking a look at the BTC USD market as we go into the weekend.
This week we saw some good selling volume on the market, accelerated by the South Korea “news”.
We saw good buying pressure again at the 13k level, however a lot of Long contracts are being liquidated hinting that the some of the big players are bearish at this point.
The market is in a clear down trend from $20k and we can see how support has been solid between 12k and 13k.
The immediate selling pressure is in the 14k – 15k zone and if the bulls can’t push the prices past 14k we are sure to revisit the 12k -13k range again.
We can see that the momentum is still in the favor of the bears at this point and the buying signal for the long/medium time frame has not yet been triggered.
When we take a look at the 1hr candles to get an idea of the shorter time frame, we can see that the momentum is turning and it is starting to look like a classic bull trap.
Lets be patient and wait for the market to show us the way.
Sentiment is bearish on the short term until prices consolidate above 14 400. Should 12k fail I will look to the majors and fiat as a possible hedge.
On the medium/long term we are still bullish until support breaks between 13k – 12k, with the latter being the most critical. Should these levels hold we could expect a bounce as early as this weekend or next week.
Feel free to discuss this trade idea with us in Discord.