Price has moved sideways around 13500 support and resistance level.
The D buy level of the previously posted Cypher pattern is still holding but
a lack of momentum may worry Bulls. Currently there are a concentration
of Sell orders at 14000 which needs to be absorbed, but crowd sentiments
can change quickly.
Buyers are currently defending the 13000 mark. Quantative signs aside, looking at the chart, price seems to be gravitating towards the new Weekly pivot point at 14135, which is natural. If price manage to breach this level and close above that and even better, above the Cloud Bulls would become more confident. A taking out of the top at 15111 could propell price towards the next top and Weekly R1
around 16200-500.
If price fails around 14000 and the Cloud/Weekly pivot point, we may see
another drop down, either a return to the tight range 13000-14000 or a test of the low at 12820. The red arrow in the chart doesn't predict any price action but marks the target of the
Cypher pattern that was triggered on Dec 30. This target stands at 18000.
source: Tradingview
source: Binance
Watch the chart and updates at Tradingview
https://www.tradingview.com/chart/BTCUSD/NWTXtKbB-1-Crypto-H4-BTC-USD-Sideways-In-A-Tight-Range-Jan-02-2018/
Support here:
BTC 1D8hoXmgsssp21dPG5pZ6qBELeibfLwMgX
ETH 0x8d7AD4bEF34A06EC149f3ec72f09cD58fBd1dB29
