BTC: A Glance of Weekly and Daily timeframes
Updated
Our weekly and daily charts aren't looking pretty for our short-term investors. The weekly chart is forming a curve, which could end up with two scenarios.
First scenario: next week BTC will keep moving sideways till it break up toward a new ATH (less likely), or the downward trend will be formed on the daily.
In our second (more likely) scenario price action should carry on to our weekly chart and we will see a down trend for the next couple of months.
Either way, watch that pivot point closely because that's what could determine how things are going to turn out. In my opinion, this is the time for a wise investor to sit on cash and watch the market movement waiting for confirmation of either scenarios.
First scenario: next week BTC will keep moving sideways till it break up toward a new ATH (less likely), or the downward trend will be formed on the daily.
In our second (more likely) scenario price action should carry on to our weekly chart and we will see a down trend for the next couple of months.
Either way, watch that pivot point closely because that's what could determine how things are going to turn out. In my opinion, this is the time for a wise investor to sit on cash and watch the market movement waiting for confirmation of either scenarios.
Note
We are getting closer to our pivot point and things are still pretty ugly.Note
oh shoot! I swear I was going to write "a glance AT" not "of" hahaNote
This level of accuracy deserves more love!Note
Landing on the weekly target. 4k to go!Trade closed: target reached
Market Maven: Never Miss a Move.
Disclaimer: This is not a financial advice and all posts are for educational purposes only.
Disclaimer: This is not a financial advice and all posts are for educational purposes only.
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.