Weekly Trend : Bearish
Daily Trend : Bearish
Right now market is moving inside a ranging area, between 3650$ and 4400$. until now we have tested 3650$ three times. For time being let us say there is no major trend i mean exclude previous drops and previous peaks. Market is testing 3650$ third time and getting a rejection from this area that clearly means there are some Buyers who are readily accumulating Btc in this support area are willing to push market higher with their emotions . But should us consider this 3650$ as floor? that the question you all want me to answer. hahahah
Okay fine i will answer this question in very simple words "as Long as price is above 3650$ we are safe " , "oh man! this is not fair this is what we already knew." okay you knew it but now comes the original story .
As we are in strong bearish market with huge selling pressure so better is wait for reversal , though this is looking three drive reversal pattern but this is not that strong reversal, don't Go against the trend. If we break this 3650 level we have next support near 2940$ to 3000$. As we are observing modest selling So wait for strong support areas don't rush for Buying, this market is not reversing any soon.
But if still willing for a buy trade make sure market is respecting 3650$, buy and set a take profit just below 4400$, this is very unlikely market can breach 4400$ resistance soon.
I am personally waiting for market to decide its long term direction , i sold i my Btcz just at 5900 to 6300$ area at that time i was expecting 3500$ as bottom but right now BtC at 3500 area is looking weaker so i am waiting for a strong reversal. As soon as market gets a strong reversal i will update you guys. Good luck everybody .