BTC/USD Coinbase Weekly Clear Picture
Updated
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In this idea I want to make it clear, when the body of a candle is very small body (very less difference in Open and close price) It is called a Doji pattern. The pattern shows indecision in the market. However we need 3 conditions to be fulfilled to have a completely bullish bias.
(1) We need to Close above the weekly Open: $7111 within the next 28 hours 40 mins! (When weekly candle Closes).
(2) We need to Break above the 50D Moving Average which is acting a resistance now.
(3) We need a break above 7800 for the confirmation. (Local Resistance).
With all due respect if we do not have all these conditions fulfilled am afraid we might test the orange line which is the long term support line as well as it coincides with the 200D MA (around 5k) which is less likely to happen IMHO.
So for now wait for the confirmations. If this insight helps you in any way please share it with the cry[to community.
Thanks
I wish you all good fortune.
In this idea I want to make it clear, when the body of a candle is very small body (very less difference in Open and close price) It is called a Doji pattern. The pattern shows indecision in the market. However we need 3 conditions to be fulfilled to have a completely bullish bias.
(1) We need to Close above the weekly Open: $7111 within the next 28 hours 40 mins! (When weekly candle Closes).
(2) We need to Break above the 50D Moving Average which is acting a resistance now.
(3) We need a break above 7800 for the confirmation. (Local Resistance).
With all due respect if we do not have all these conditions fulfilled am afraid we might test the orange line which is the long term support line as well as it coincides with the 200D MA (around 5k) which is less likely to happen IMHO.
So for now wait for the confirmations. If this insight helps you in any way please share it with the cry[to community.
Thanks
I wish you all good fortune.
Comment
We're mostly going sideways now but the Daily seems positive at the moment. 4hour closed above the resistance.Comment
We're still on track to 8k :)
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