BitcoinLong
Bitcoin - Projection Next Week
We can see Bitcoin had made a Rally in early August from 50,000 to 62000 (22bars).
Then a significant Base followed (88 bars).
In the last NY Session there was a strong breakout on High Volume (Yellow VSA Candle) .
Probably related to J Powell's "the time has come" statement on interest rates = Weak USD.
What's next ?
Price to revert to the mean, and retest the breakout zone. This area offers confluence of
1. Minor Trendline
2. 200 EMA Channel - price crossing has switched bias to long.
3. 50 EMA - which is about to break the 200 EMA Channel.
4. Point of Control - price level which attracted greatest interest of participants.
From this level , Bitcoin to Rally within the week to test Supply at 68,000.
Then a significant Base followed (88 bars).
In the last NY Session there was a strong breakout on High Volume (Yellow VSA Candle) .
Probably related to J Powell's "the time has come" statement on interest rates = Weak USD.
What's next ?
Price to revert to the mean, and retest the breakout zone. This area offers confluence of
1. Minor Trendline
2. 200 EMA Channel - price crossing has switched bias to long.
3. 50 EMA - which is about to break the 200 EMA Channel.
4. Point of Control - price level which attracted greatest interest of participants.
From this level , Bitcoin to Rally within the week to test Supply at 68,000.
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.