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Bitcoin remains bearish for 2018

Tuesday, January 2, 2018 8:07 AM GMT

Bitcoin is having a bad start for 2018, as it remains bearish in short and mid-term timeframes. After reaching all times-high, the king of Cryptos is moving in a corrective phase during Christmas holidays.

According to the H4 TF, BTCUSD stays above the 200 SMA, which is critical for the long-term trend. After closing above 200 SMA in past September, the BTCUSD has never violated it until now.

H4

Reviewing the hourly TF, the bias is bearish as it is moving below 200 SMA and below 61.8% Fibonacci level. This level may offer another selling trade setup if price continues higher. A trend reversal may occur if price violates the declining channel (CH1).

Hourly

Finally, heading to the 15m TF, the channel (CH2) acted as support today. We have noted a potential trading scenario however it is a long shot.

15m

Always review your own analysis, if there is a confluence between this and your own strategy, then you may have even better trading setups.

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