BitcoinLong
Weekly BTC/USD sell-offs topping off at the 10K - 11K region.
After consolidating in a symetirical triangle (begining week of 24 Jun '19 to the break down week of 23 Sep '19) and falling -30% during a 4 week period, there were 3 more dumps. 21 Oct '19 thru 18 Nov '19 (-34%) 10 Feb '20 thru 09 Mar '20 (-62%) 01 Jun '20 thru 29 Jun '20 (-15%). (The -62% drop IMO would have been closer to a -30% drop if Covid-19 were not a factor). This leads me to believe the trend of sell-off's has smaller percentages of downside action. Price action alone looks to be bulllish, with the majority of closes above the 9K in the past 50 days. This sideways consolidation in price is what bulls are looking for. Of course we would like to buy some BTC around 7K or 6K but the bears are loosing steam. Buyers will step in during Q3.
Bitcoin has closed above the 21/50/100 week SMA since 27 Apr '20. However the 21 SMA is below the 50 currently. A break of the 50 sends BTC/USD to $8.5 area. Bad news could drive a wick down to 5.3K. I look for strong support at 6.3K on the monthly. The EMA Ribbon is slightly bullish, the MAC D looks bullish, the RSI is neutral at 55.00 and the Stock RSI is gaining momentum to the down side. A -25% drop in the comming weeks? an inverted head and sholders could start to take form.
BTC daily volume has been consoludating in the 15B - 25B range for weeks, and has recently dropped to 12B witch is the lowest daily Volume since 13 Oct '19. (Volume in this market is too hard to gauage) But I know full well that when BTC is trading with low volume..... BOOM! big up or big down. There's a potential Bull flag on the monthly. If it plays out a quick test of the 13.5K region is very likely.
Down the line when the stock markets finally crash new $ will enter the crypto space. There are too many projects showing success with real use cases and partnerships. Countries, banks and large business are just now realizing the benefits of blockchain.
Bitcoin has closed above the 21/50/100 week SMA since 27 Apr '20. However the 21 SMA is below the 50 currently. A break of the 50 sends BTC/USD to $8.5 area. Bad news could drive a wick down to 5.3K. I look for strong support at 6.3K on the monthly. The EMA Ribbon is slightly bullish, the MAC D looks bullish, the RSI is neutral at 55.00 and the Stock RSI is gaining momentum to the down side. A -25% drop in the comming weeks? an inverted head and sholders could start to take form.
BTC daily volume has been consoludating in the 15B - 25B range for weeks, and has recently dropped to 12B witch is the lowest daily Volume since 13 Oct '19. (Volume in this market is too hard to gauage) But I know full well that when BTC is trading with low volume..... BOOM! big up or big down. There's a potential Bull flag on the monthly. If it plays out a quick test of the 13.5K region is very likely.
Down the line when the stock markets finally crash new $ will enter the crypto space. There are too many projects showing success with real use cases and partnerships. Countries, banks and large business are just now realizing the benefits of blockchain.
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