Next weekly close confirms BTC up or down trends
Weekly analysis
Why is the weekly time frame important?
We are seeing the big picture as each candle on the weekly time frame represents all the buying and selling that occurred throughout the entire week.
This is the 4th time since January 21, BTC retraces under the 50% Fibonacci level (white line and yellow circles and ellipse) following a bullish trend. 3 times BTC touches the major support of 28k (red ellipses) and even dived 2 times under the support in the last one. This is a clear signal for the continuation of the bearish trend toward 21K and maybe much lower levels. The next weekly close in exactly 1day and 16h will confirm the trend.
Be careful!
The information and publications here are not investment recommendations. Please, do your own research!
Why is the weekly time frame important?
We are seeing the big picture as each candle on the weekly time frame represents all the buying and selling that occurred throughout the entire week.
This is the 4th time since January 21, BTC retraces under the 50% Fibonacci level (white line and yellow circles and ellipse) following a bullish trend. 3 times BTC touches the major support of 28k (red ellipses) and even dived 2 times under the support in the last one. This is a clear signal for the continuation of the bearish trend toward 21K and maybe much lower levels. The next weekly close in exactly 1day and 16h will confirm the trend.
Be careful!
The information and publications here are not investment recommendations. Please, do your own research!
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.