The sustained ‘crypto-winter‘ has created a cloud of uncertainty in the direction of Bitcoin Price. The delay in the Bakkt launch and an extended date of ETF decision has neutralized the positive catalyst in the market. The bear market has lasted for 58 weeks and still shows no apparent signs of a trend reversal is observed.
Analysis of 1-Hour Chart – BTC/USD
There are four Doji single-chart patterns identified on the chart which suggests the indecision in the market. The day traders action seems to be subsidized considerably. The Bullish Marubuzo observed in the morning also lost its stop-loss target at $3530 confirming the bearish market.
Analysis of Daily Chart – BTC/USD
On the daily chart, the signal is bearish. The chart seems to be approaching a critical point of action. Furthermore, if a comparison with the last such uncertain period during Oct-Nov is made, the charts suggest starking similarities suggesting a move downwards to $2390. The…
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