On the BTC weekly chart, I’d like to show you these things that we need to notice.
1.We have formed a rising wedge on the weekly time frame. Or you can disregard the corona dump and you will get a rising channel. BTC tried to broke out the blue resistance, but soon pull back the resistance within a day. You can see it clearly on the daily chart.
2.If the weekly chart close below the resistance, I may wait for a further pull back, firstly if it lose the support I mentioned on today’s short term support, I think important support may be $13000, then $12500, then $12000, then the rising wedge support ,then the 21 MA, the sky blue line on the chart. We can see on the weekly chart clearly, the 21 MA on the weekly chart is really an important support during the bull market, and it is normal for BTC to pull back and retest the 21 weekly MA.But it closed above the resistance, I think BTC will at leastretest the previous high 13881.
3.The orange line is SPX500, BTC and SPX500 correlated well for a long time until the recent two weeks things seems to change. SPX500 is falling while BTC is rising. I become more cautious to consider that they are decoupling with the pullback they met together yesterday. I personally just simply hold my BTC and maintain my contract I entered for long in lower position and set a stop loss.
4. The US election is coming, stimulus check plan is also delayed. More uncertainty seems to occur. VIX rosed sharply when it broke 30 and is about 40 currently. DXY also rises, which may means that more trades and investors are going into fluid cash to prevent the risk of the markets. Winter is coming, Covid-19 will surely cause negative effect on the global economics. I will remain super cautious these days.
1.We have formed a rising wedge on the weekly time frame. Or you can disregard the corona dump and you will get a rising channel. BTC tried to broke out the blue resistance, but soon pull back the resistance within a day. You can see it clearly on the daily chart.
2.If the weekly chart close below the resistance, I may wait for a further pull back, firstly if it lose the support I mentioned on today’s short term support, I think important support may be $13000, then $12500, then $12000, then the rising wedge support ,then the 21 MA, the sky blue line on the chart. We can see on the weekly chart clearly, the 21 MA on the weekly chart is really an important support during the bull market, and it is normal for BTC to pull back and retest the 21 weekly MA.But it closed above the resistance, I think BTC will at leastretest the previous high 13881.
3.The orange line is SPX500, BTC and SPX500 correlated well for a long time until the recent two weeks things seems to change. SPX500 is falling while BTC is rising. I become more cautious to consider that they are decoupling with the pullback they met together yesterday. I personally just simply hold my BTC and maintain my contract I entered for long in lower position and set a stop loss.
4. The US election is coming, stimulus check plan is also delayed. More uncertainty seems to occur. VIX rosed sharply when it broke 30 and is about 40 currently. DXY also rises, which may means that more trades and investors are going into fluid cash to prevent the risk of the markets. Winter is coming, Covid-19 will surely cause negative effect on the global economics. I will remain super cautious these days.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.