Bitcoin - Weekly Candle Showing Possible Reversal Of The Trend
Short term, we're not seeing much movement out of Bitcoin.
Not much has changed on Bitcoin from yesterday as it stayed within a $50 range.
We are in a rising wedge while it's having some difficulty breaking through the fibonacci levels.
Even still, this area is a no trade zone for the most part due to the low volatility and the lack of direction from the bulls and the bears.
Expecting some volatility with the week as more volume typically occurs during the week days than on the weekends
From a zoomed out view, Bitcoin is still in its descending triangle, which typically breaks downwards most of the time.
Volume isn’t always a factor, but I like to see volume confirmation of the move before drawing any conclusions.
$6100-6200 is the lower support and $6800-$6900 is the upper level support.
Bitcoin is struggling to break the 50 day MA on the daily and is back within the previous range that it's been stuck in since the middle of September.
If it breaks the downtrend resistance with volume, watch for the pull back retest.
I still have staggered buy orders at $6200 and $6100 and $6,000 for a potential stop run before a bullish move.
Currently, shorts are much higher than longs that are on margin, which is typically a bullish leaning sign for another short squeeze potential.
Altcoins continue to be the place where money is moving, so our focus continues to remain there.
I will shift my focus back to Bitcoin when it becomes more predictable based on technical analysis.
If you're not following my altcoin charts, make sure you hit 'follow' to get updates and notifications on them.
Not much has changed on Bitcoin from yesterday as it stayed within a $50 range.
We are in a rising wedge while it's having some difficulty breaking through the fibonacci levels.
Even still, this area is a no trade zone for the most part due to the low volatility and the lack of direction from the bulls and the bears.
Expecting some volatility with the week as more volume typically occurs during the week days than on the weekends
From a zoomed out view, Bitcoin is still in its descending triangle, which typically breaks downwards most of the time.
Volume isn’t always a factor, but I like to see volume confirmation of the move before drawing any conclusions.
$6100-6200 is the lower support and $6800-$6900 is the upper level support.
Bitcoin is struggling to break the 50 day MA on the daily and is back within the previous range that it's been stuck in since the middle of September.
If it breaks the downtrend resistance with volume, watch for the pull back retest.
I still have staggered buy orders at $6200 and $6100 and $6,000 for a potential stop run before a bullish move.
Currently, shorts are much higher than longs that are on margin, which is typically a bullish leaning sign for another short squeeze potential.
Altcoins continue to be the place where money is moving, so our focus continues to remain there.
I will shift my focus back to Bitcoin when it becomes more predictable based on technical analysis.
If you're not following my altcoin charts, make sure you hit 'follow' to get updates and notifications on them.
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.