Case study 10 Daily and weekly analysis on btc
Well guys I'm stepping up my study to the daily and weekly candle sticks
Reason being
If we look on the weekly time frame
We see some very interesting information that confirms the downswing to even lower levels
The basic rules of candles is they provide possible reversal signal and under specific conditions they can be used as a indication of support or resistance
In btc the rally to 64000 had no clear horizontal resistance level to use even if you look into the past.
So what info is available on higher time frames that can gave us a indication of what is really happening in btc
If we look at the weekly first we see that on the 22feb 2021 we had a bearish ingulfing pattern
The price action that followed was a clear indication of a resistance level confirmation.
We could look at this as a clear sign that a huge amount of capital was taken out of btc at this point.
So if the main focus is the higher time frames we will be seeing big moves on lower times frames movements that looks like we could see a rally and so on.
But conditions have changed on lower time frames and we do look bullish if we see a turn on the daily than I would say we are more likely bullish than bearish
Trade save guys
WE ARE AT A CRITICAL ZONE FOR BTC RIGHT NOW
Reason being
If we look on the weekly time frame
We see some very interesting information that confirms the downswing to even lower levels
The basic rules of candles is they provide possible reversal signal and under specific conditions they can be used as a indication of support or resistance
In btc the rally to 64000 had no clear horizontal resistance level to use even if you look into the past.
So what info is available on higher time frames that can gave us a indication of what is really happening in btc
If we look at the weekly first we see that on the 22feb 2021 we had a bearish ingulfing pattern
The price action that followed was a clear indication of a resistance level confirmation.
We could look at this as a clear sign that a huge amount of capital was taken out of btc at this point.
So if the main focus is the higher time frames we will be seeing big moves on lower times frames movements that looks like we could see a rally and so on.
But conditions have changed on lower time frames and we do look bullish if we see a turn on the daily than I would say we are more likely bullish than bearish
Trade save guys
WE ARE AT A CRITICAL ZONE FOR BTC RIGHT NOW
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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.
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.