BTCUSD 8/18/2021
Updated
I've never posed a weekly chart (even though I always talk about the importance of the weekly close)
also
ive simplified the look (on the left) and on the right is the original one (i only understand)
----- I will be explaining the left chart in this deep dive of Bitcoins movement ------
For the bulls
where were at now is exactly where the second strongest level btc ever had.
from 46k to 48k (the red lines show exactly where those support/resistance are at)
the weekly closed above the 46k level but still is under 48k.... once 48k is broken on the weekly were back in the channel of 46k-65k
the highest resistance for btc is @ 65k
we need a weekly close above the green dotted line @65k to resume the bull run!!!
For the bears
we cant get a weekly close above 48k we need the weekly to stay closed under 48k and wait for a close under 46k
BTC doesnt need to close under 46k to be able to push down further, it can just happen if the bulls cant hold
if we lose 46k and 48k we well head down to the channel we just broke out of
which is 40k to 31k
the roof is 40k
the bottom which never got a weekly close under it is @ 31k
--------------------------------------
The main point of this post
in this set up we can see BTC is in-between two channels
if we cant break into the channel of 46k-65k
well head back into the roof of the one we were in 3 weeks ago
if we break 48k on the weekly that means were in the new channel of 46k-65k
remember the strongest level btc ever made was 34k!!!!
--------------------------------------
as you can see here the weekly close was in the white circle under the 48k resistance
but above the 46k support
also
ive simplified the look (on the left) and on the right is the original one (i only understand)
----- I will be explaining the left chart in this deep dive of Bitcoins movement ------
For the bulls
where were at now is exactly where the second strongest level btc ever had.
from 46k to 48k (the red lines show exactly where those support/resistance are at)
the weekly closed above the 46k level but still is under 48k.... once 48k is broken on the weekly were back in the channel of 46k-65k
the highest resistance for btc is @ 65k
we need a weekly close above the green dotted line @65k to resume the bull run!!!
For the bears
we cant get a weekly close above 48k we need the weekly to stay closed under 48k and wait for a close under 46k
BTC doesnt need to close under 46k to be able to push down further, it can just happen if the bulls cant hold
if we lose 46k and 48k we well head down to the channel we just broke out of
which is 40k to 31k
the roof is 40k
the bottom which never got a weekly close under it is @ 31k
--------------------------------------
The main point of this post
in this set up we can see BTC is in-between two channels
if we cant break into the channel of 46k-65k
well head back into the roof of the one we were in 3 weeks ago
if we break 48k on the weekly that means were in the new channel of 46k-65k
remember the strongest level btc ever made was 34k!!!!
--------------------------------------
as you can see here the weekly close was in the white circle under the 48k resistance
but above the 46k support
Note
we closed above 48k were in the channel officially!!!!
congrats to everyone who held, keep holding
next major resistance is 65k, we need a weekly close above there to push to higher highs
Note
we are looking very good for a bump up weekly's all closed very well, we are in the 45k-65k range
this chart has a white line 48,950 and that is where the newest resistance is. its looking like the daily finally broke it
Related publications
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.