It’s the Start of a New Year and Crypto is off to a great start. Volatility has been great for traders. 2019 is looking like it may be a great year of opportunity for crypto traders.
The start of the year so far has been pretty exciting. This upcoming week looking at BTC on a bearish projection potentially to the sub 3k level. However due to the volatility there is potential opportunity for a short-term pop to the upside in the market dependent on how BTC reacts to several key levels shown below. First being a short-term level at 3500 then 3400 then a major key level of support at the 3180-price level. If we continue to see a bearish reaction to the market price, we will potentially see a downtrend to the 2700 level and quite possibly all the way to sub 2000 price level before reaching the bottom.
On the bullish side if we where to see a decent bullish reaction at the 3180 price key level showing support we could potentially see our climb back up towards that 4500 level and remain in a decent accumulation price range before seeing our next climb to the upside.
Due to the fact that I am still bearish biased on Crypto on a larger time frame I am looking for us to still push lower however as stated there may be opportunity for short term bullish plays intraday during this push to the downside.