BTC 4h 1D 1W The weekend will us tell where we are going next
The trading week is coming to an end and we can assume how the candles will close.
But first, it's worth reading the BTC analysis from the beginning of the week.
The 4h timeframe shows the end of a symmetrical triangle formation. Such a triangle usually breaks after the trend, that is, up. But on the other hand, the trading delta in the triangle is negative, that is, there are more sales than purchases.
In general, such a delta is already the last month and we don't know when the sales will end. We will only see a powerful red candle down to -$1500-2000, and by that time there will be only assumptions in our heads when the growth will end.
Consequently, the price fixes above $19,400 and then long to the zone $22,400.
The price is fixed below $18,650 and then $17,400 will be pulled towards itself by a magnet.
On the daily timeframe, it can be seen that the high update in 2017, in reality turned out to be pretty false breakouts.
Please, read over the weekend about "False Breakout Trading Strategy"
The weekly candle is still on the side of buyers, for the continuation of the growth trend. But if the week will close at $17,400 and below, it can greatly add confidence to sellers. Please, remember the "Evening Doji Star" candle pattern, if it is activated, then the level $15,200 will begin to pull towards itself.
But first, it's worth reading the BTC analysis from the beginning of the week.
The 4h timeframe shows the end of a symmetrical triangle formation. Such a triangle usually breaks after the trend, that is, up. But on the other hand, the trading delta in the triangle is negative, that is, there are more sales than purchases.
In general, such a delta is already the last month and we don't know when the sales will end. We will only see a powerful red candle down to -$1500-2000, and by that time there will be only assumptions in our heads when the growth will end.
Consequently, the price fixes above $19,400 and then long to the zone $22,400.
The price is fixed below $18,650 and then $17,400 will be pulled towards itself by a magnet.
On the daily timeframe, it can be seen that the high update in 2017, in reality turned out to be pretty false breakouts.
Please, read over the weekend about "False Breakout Trading Strategy"
The weekly candle is still on the side of buyers, for the continuation of the growth trend. But if the week will close at $17,400 and below, it can greatly add confidence to sellers. Please, remember the "Evening Doji Star" candle pattern, if it is activated, then the level $15,200 will begin to pull towards itself.
🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
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.