BTC - Whats going on?! Weakening price on the weekly chart!
Updated
Hello, looking on the weekly chart. After the second rejection in the supply zone i am expecting a fall to the support zone at 8800 - 9500 you can see in my chart, there will be a bounce in this support level. When we cant hold it and form the next bull moves it is highly possible that we see lower levels!!
There is a big spinning top candle in the area we are trading now, normally continued with further price declines (reversal). This candle on the weekly basis signaling high supply in the supply area.
Also RSI is showing overbought regions.
A fall to the support zone and break of the blue trend-line shown in my chart is expected, after that we have to see what happens, further declines are possible!
Peace
There is a big spinning top candle in the area we are trading now, normally continued with further price declines (reversal). This candle on the weekly basis signaling high supply in the supply area.
Also RSI is showing overbought regions.
A fall to the support zone and break of the blue trend-line shown in my chart is expected, after that we have to see what happens, further declines are possible!
Peace
Trade active
Note
BTCUSD is now in the support zone, watching out for possible next moves.Note
ANALYSIS UPDATE: BITCOIN continued with the pullbacks off the supply zone to move into the lower target zones as predicted.Since BITCOIN formed the main pullbacks in the range it reached important support levels from where it reversed and formed the great bull market.
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