In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the January 22nd session.
Bitcoin/USD — After this massive parabolic move, the market saw a 40% drop. Now, it looks like this market needs a pullback. The $40,000 level looks like psychological resistance. The $30,000 level could be the floor of this descending triangle pattern as you can see on the daily chart. At the moment, the stimulus talks are dominating the headlines. Positive headlines on stimulus can have some positive effect on bitcoin. However, it is better to wait for pullbacks, and buy at much lower levels.