BTCUSD (Bitcoin / USD) – Price and Volume Contraction On Weekly Chart Continue to Reflect BearishnessBitcoin (
BTCUSD) posted a substantial gain of of +5.38% for the week, successfully reclaiming three of its key moving averages during week (10, 20, and 50-day moving averages).BTCUSD’s Bearish Pennant pattern is violated but with price consolidation and volume contraction remaining in its weekly chart, a longer term Bearish Flag channel is now morphed out, prompting the risk of a a further accelerated sell off in near term remains.The level of support to watch for
BTCUSD this week is revised up to $18,800, a level that undercuts the existing three key moving average that was recaptured.Bull Case: Violation of existing Bearish Flag channel at $22,000.
Bear Case: Breakdown of $18,800, a level that undercuts the existing three key moving average that was recaptured. Next support level at $18,157.
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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.