As expected, BTC is heading down again to test the psychological support level, $3000 or 4000-4015 CAD
Bitcoin tried its best to break above the $4200 and failed. It was proven once again, if an index fails breaking up, it loses momentum and drops, and this is precisely what has happened.
look at the daily chart, BTC/USD:
I'm expecting several support levels to be tested and fail to hold before the psychological support level $3000
You can check my previous posts on those levels and ofcourse I will update as we proceed.
The 200 WMA importance
if for any reason Bitcoin doesn't deep to test the psychological support level, I still expect it to retest the 200 weekly moving average, which once did and I don't remember a chart to test such important support just once.
at the moment, this level is 4300 CAD but can slightly change till january or maximum Feb, to get prepared for the second test.
This is not a financial advice and I'm not a financial adviser. I just express my thoughts on the market based on very limited experience I have about chart analysis and behavioural economics to have your comments and feedbacks to learn more from you.