Good Afternoon Traders and Welcome back to Amfeix Analysis!
Bitcoin is currently trading at $8000 against US Dollar .
Starting on weekly time-frame, we had a fairly bullish candlestick closure this Sunday but we failed to close above $8500 level which would confirmed the bull run.
After a number of bullish candlesticks , we can finally see that the bulls have lost momentum at around $8200 level which we rejected aggressively. I favor further downside if we fail to break above this liquidity area but as we know in crypto markets are changing in no time so we need to adapt with them.
Dropping down to 4 Hour time-frame we can see price discretely trending sideways with a double top formation at the mentioned liquidity area, and that’s one of the reasons why I’m currently favoring further downside.
It will need a clean break of $8200 region, before going higher. The first target upon breakout would be $9000 – $9500.
If bearish momentum follows and the double top formation validates, I see the price testing the inner trend-line at around $7600, if we succeed to break below the next target would be the outer trend-line at around $7200.
Fundamentally we have the SEC which postponed VanEck ETF , yet again which technically confluences with the loss of bullish momentum.
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