Weekly view (Let's discuss both BULLISH & BEARISH scenarios)
Updated
Hey everyone,
I'm here with another weekly chart with small updates. If you have been following my ideas I have been both technically and fundamentally leaning towards the bearish idea. But I always try to stay unbiased and consider both scenarios for a better strategy.
BULLISH POSSIBILITY (20%)
In my opinion, we are quite far from a strong bullish move like we saw in 2017. On the weekly chart, we saw several rejections above 10.000 USD price. The market may persuade me if we saw daily and weekly closes above 10.600 USD. Until then, the risk/reward ratio for entry from the current price (9K - 10K) is way too risky, in my opinion.
BEARISH POSSIBILITY (80%)
We rallied quite a bit since March and I think the uptrend is already exhausted at the moment. Weekly volume is decreasing. Several rejections above 10K made everyone a little more cautious. We saw a very sharp pump and dump move last week (9200-10400) which seemed shady. Both Stoch RSI and RSI are about to reverse. It seems like the market sentiment is still not ready to break above on a weekly basis.
What do you guys think? I would appreciate some thoughts and ideas. What is your current strategy? Please feel free to comment below. :)
Cheers,
yiggyTHEpiggy
I'm here with another weekly chart with small updates. If you have been following my ideas I have been both technically and fundamentally leaning towards the bearish idea. But I always try to stay unbiased and consider both scenarios for a better strategy.
BULLISH POSSIBILITY (20%)
In my opinion, we are quite far from a strong bullish move like we saw in 2017. On the weekly chart, we saw several rejections above 10.000 USD price. The market may persuade me if we saw daily and weekly closes above 10.600 USD. Until then, the risk/reward ratio for entry from the current price (9K - 10K) is way too risky, in my opinion.
BEARISH POSSIBILITY (80%)
We rallied quite a bit since March and I think the uptrend is already exhausted at the moment. Weekly volume is decreasing. Several rejections above 10K made everyone a little more cautious. We saw a very sharp pump and dump move last week (9200-10400) which seemed shady. Both Stoch RSI and RSI are about to reverse. It seems like the market sentiment is still not ready to break above on a weekly basis.
What do you guys think? I would appreciate some thoughts and ideas. What is your current strategy? Please feel free to comment below. :)
Cheers,
yiggyTHEpiggy
Note
50 Weekly Moving Average shows an interesting pattern too for a bearish possibility;
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