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Yesterday was one of the most bloodiest day for Bitcoin with the pair now falling 45% to 49% from its All-time-high. With majority of institutional investors changing risk sentiments due to the impending US rate-hike, it has deviated money away from the world's number 1 cryptocurrency. But with all that said, what is Bitcoin up to next?

RANGING IN THE DAILY? 

Let's start analyzing Bitcoin's price action from the daily chart. We have marked down two important key levels to which Bitcoin has the highest probabilities to react to. The $30,000 support level and 40k resistance. At first glance, we could see that price is trapped between these two strong zones. With so, our team is expecting for price to range between these two levels to accumulate the much needed liquidity for it to provide its next big move. So for the next few months, we may see Bitcoin ranging--not unless we see some form of fundamental catalyst. 

COUNTER TREND OPPORTUNITIES IN THE 4 HOUR? 

As marked in the four hour chart, we have seen bitcoin print continuous Lower lows and lower highs--which is indicative that price's overall trend is bearish. However, with the recent price action we're seeing, we may see Bitcoin counter trend opportunities in lieu of its recent break of structure to the upside which has potentially created a Higher high. Needless to say, this could be  an indication that price is willing to move upward to create a lower high in the daily timeframe. 

THE 15 MINUTE WANTS TO BUY! 

Zooming deeper to price action, we could see clearer the Change of trend through the break of the 4 hour Lower Highs. So with that said, where would the optimal buy entry be? If we are to stretch out the Fibonacci retracement tool, we can consider the 61.8% and 78.6% as the optimal zone considering that there is structure within the marked area. It is worth remembering that this is a counter trend opportunity--with so, our team would like to remind everyone to be cautious of taking longs as the overall environment is still bearish. Trade at your own risk.

You understand and acknowledge that there is a high degree of risk involved in trading with strategies. The above strategies and analysis are provided by the analysts for information purposes only, and do not constitute investment advice.