Good Evening and I hope you are well.
comment: Finally some higher highs again. Market could now transition into a wider trading range and 70 – 76 is my rough guess for now. Bulls need to keep the tiny bit momentum going tomorrow and break above the bear channel and trade above 74 again. If bears dip it below 72.6, we could very well print a lower low below 72 and the range might also expand to the downside.
current market cycle: trading range
key levels: 70 – 76
bull case: Bulls made the first higher high again and need follow-through badly. Above 74 the bear trend is for sure over and a trading range is most likely. Good for the bulls is, that on the daily chart we are still trading above the breakout price which was roughly 70. If they can reverse this strongly, they have a chance of retesting the highs over the next weeks. For now I think they have to be content with staying above 72 and maybe get to 74 again.
Invalidation is below 70.
bear case: Bears want to keep the market below the daily 20ema and prevent bulls from making meaningful higher highs above 74. The bear channel is still valid and on the daily chart the past 3 trading days look like a weak two-legged pullback to the moving average and that is usually a very good buy/sell signal in the direction of the trend. Bears want to print a new low below 72 and then testing 70.
Invalidation is above 74.
short term: Neutral. Bullish above 74 and bearish below 72.
medium-long term – Update from 2025-01-19: Triangle is dead and market is now in a proper trading range with upside to 80 or even 85.
current swing trade: Nope
trade of the day: Buying below 72.4 was good since Monday.,# Market Overview: Cryptocurrencies Transitioning into a Trading Range
## Key Points
– **Current Market Cycle:** Transitioning into a trading range with key levels identified between 70 – 76.
– **Bullish Sentiment:**
– Recent price action indicates the formation of higher highs, suggesting potential bullish momentum.
– A breakout above 74 could signal the end of the bear trend, suggesting a possible retest of previous highs.
– Daily charts display strength as prices remain above the breakout level of approximately 70.
– **Bearish Sentiment:**
– Bears aim to maintain dominance by pushing the market below the daily 20 EMA.
– Current price action shows a weak two-legged pullback hinting at a continuation of the bearish trend if bears can enforce a lower low below 72.
– **Key Invalidation Levels:**
– **Bull Case:** Invalidation below 70.
– **Bear Case:** Invalidation above 74.
– **Short-term Outlook:** Neutral; bullish above 74 and bearish below 72.
– **Trade of the Day:** Noteworthy buying opportunity identified below 72.4 since Monday.
### Market Insights
The cryptocurrency market appears to be consolidating into a trading range, raising prospects for both bullish and bearish strategies. The crucial price levels represent pivotal points that traders should watch closely. A strong break above 74 may invite bullish activity, while a dip below 72 could confirm the bear trend, challenging the market’s recent gains.
### Hot Take
The current trading atmosphere in cryptocurrencies suggests a potential shift in market dynamics. With bulls gaining initial traction, the key for sustained upward movement lies in overcoming the 74 mark without faltering. Investors should strategically position themselves, keeping an eye on invalidation levels—whether in support of bullish upswings or preparation for potential bearish retracements. As we approach these critical thresholds, volatility is to be expected, making market awareness increasingly vital.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/MCL1!/nTPYls6P-2025-01-30-priceactiontds-daily-update-oil/
