Bitcoin - Weekly market recap
Updated
Hello traders,
Here's the daily and weekly chart side by side of Bitcoin against US dollar.
Looks like the H/S pattern that was covered on prior analysis is invalidated as of right now, however if you took the long trade from the 7824 level where we predicted the next leg higher to 8500 you should be in profit now. On daily time-frame are currently at the resistance level which I named as a ceiling for a better understanding, if Bitcoins starts to show weakness around this region during this week, we could see a reversal back to the "floor" region, which appears to be our prior support turned resistance located between 8200 - 8300, which would also dictate where the price is going to go next.
If you look at the weekly time-frame, I highlighted the tip of the DOJI candlestick ( $9111 ) as it appears to be a key psychological level of resistance, where I believe we will anticipate the first reversal signs if Bitcoin is going to reverse back down. However in case we can break higher and close above this level on the weekly time-frame, engulfing the prior 2 weekly candlesticks we can pretty much except 9800 - 10,200.
Here's the daily and weekly chart side by side of Bitcoin against US dollar.
Looks like the H/S pattern that was covered on prior analysis is invalidated as of right now, however if you took the long trade from the 7824 level where we predicted the next leg higher to 8500 you should be in profit now. On daily time-frame are currently at the resistance level which I named as a ceiling for a better understanding, if Bitcoins starts to show weakness around this region during this week, we could see a reversal back to the "floor" region, which appears to be our prior support turned resistance located between 8200 - 8300, which would also dictate where the price is going to go next.
If you look at the weekly time-frame, I highlighted the tip of the DOJI candlestick ( $9111 ) as it appears to be a key psychological level of resistance, where I believe we will anticipate the first reversal signs if Bitcoin is going to reverse back down. However in case we can break higher and close above this level on the weekly time-frame, engulfing the prior 2 weekly candlesticks we can pretty much except 9800 - 10,200.
Note
Fix to above ^ * we can pretty much expect* 9,800 -10,200.
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