BTC In A New Consolation Zone
BTC is in a new area of consolidation testing $13,300 twice over the last 5 days.
At this stage I am still bullish for a few reasons:
Dominance is still going strong at 61.1 % (Thank you paypal)
We are in a zone where we haven't seen solid closes over the $12,900 mark since 2017, BTC is now creating new market structure.
The wicks to the downside indicate that buyers are in control, not allowing price to break that support level.
Over the next week we could see an impulse move up. if we break the resistance at $13,300 I would expect a rally to the $13,800 region
In bearish news my demand level is under the $12,000 always be prepared for a violent move down after big impulse moves to the upside.
Set your stops and take your profits
BTC/USD 4hly
At this stage I am still bullish for a few reasons:
Dominance is still going strong at 61.1 % (Thank you paypal)
We are in a zone where we haven't seen solid closes over the $12,900 mark since 2017, BTC is now creating new market structure.
The wicks to the downside indicate that buyers are in control, not allowing price to break that support level.
Over the next week we could see an impulse move up. if we break the resistance at $13,300 I would expect a rally to the $13,800 region
In bearish news my demand level is under the $12,000 always be prepared for a violent move down after big impulse moves to the upside.
Set your stops and take your profits
BTC/USD 4hly
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.