Just a quick zoomed out look at the chart. Bitcoin is still trapped in the worlds biggest triangle. The weekly is a good way to get a zoomed out perspective that may not necessarily help you much with your fast paced trades but over all it can give you a general idea of a direction the market is heading in the future. We have managed to stay above 9k for the last 10 weeks minus a few wicks that saw us a bit below. The bulls have drawn the line in the sand. The bears have been pretty silent lately. But something tells me they are plotting on the bulls.
Looking at this chart I see a few things I expressed on the chart itself. i used to do that a lot. When I see something I write a note because I have the worst memory. I will never remember and therefore I have to write things down. When I do it on the chart sometimes its helpful to noobs who may not know all the terms. I always try my best to help them get up to speed by describing the indicator Im discussing (orange line is the 50 MA etc...) Anyways back to the chart. I see that we are in solid consolidation. We were rejected at the resistance above us and every week that passes that resistance goes down more and more. Its a slow descent.....
Just looking at the weekly and no other time frames what I can gather from this is the make or break point on this chart is the cloud which happens to be merged with the weekly 50 MA. Both sit below us which should provide some strong support as it already has. The fact that the 2 are pretty much merged is a double edged sword. If it holds it will be good for the bulls and its double support so one would imagine that it would hold. But on the other hand if we do fall below it breaking back up will not be easy as that double support is now double resistance. Ouch.
So the make or break point on the chart would be around 8600 approximately. If that can hold we should be okay at least short term. If it fails we will have to consider getting out the rubber boots and umbrellas because being below the cloud is not bullish I can tell you that much. The descending resistance will eventually push us into or below that weekly cloud but for now we still remain above it and we could even maintain 9k for approximately 4 more months before the descending resistance on the chart even becomes a factor. Like I said earlier... It is a slow descent. The bullish fomo breaking point in my mind would be breaking soundly above the descending resistance on the chart. It has been active for over 2 years and as soon as we do break above it at this point traders will trip over themselves to get into a long before the pump is well underway. We all know how fast these things occur. So keep an eye on Bitcoin. We are approaching the cross roads. We either dip into the confines of the cloud or break up out of this equally confining triangle weve been in for ages. Either way Im excited to see whats next. But then again WTFDIK
TLDR: ¯\_( ͡❛ ͜ʖ ͡❛)_/¯
Looking at this chart I see a few things I expressed on the chart itself. i used to do that a lot. When I see something I write a note because I have the worst memory. I will never remember and therefore I have to write things down. When I do it on the chart sometimes its helpful to noobs who may not know all the terms. I always try my best to help them get up to speed by describing the indicator Im discussing (orange line is the 50 MA etc...) Anyways back to the chart. I see that we are in solid consolidation. We were rejected at the resistance above us and every week that passes that resistance goes down more and more. Its a slow descent.....
Just looking at the weekly and no other time frames what I can gather from this is the make or break point on this chart is the cloud which happens to be merged with the weekly 50 MA. Both sit below us which should provide some strong support as it already has. The fact that the 2 are pretty much merged is a double edged sword. If it holds it will be good for the bulls and its double support so one would imagine that it would hold. But on the other hand if we do fall below it breaking back up will not be easy as that double support is now double resistance. Ouch.
So the make or break point on the chart would be around 8600 approximately. If that can hold we should be okay at least short term. If it fails we will have to consider getting out the rubber boots and umbrellas because being below the cloud is not bullish I can tell you that much. The descending resistance will eventually push us into or below that weekly cloud but for now we still remain above it and we could even maintain 9k for approximately 4 more months before the descending resistance on the chart even becomes a factor. Like I said earlier... It is a slow descent. The bullish fomo breaking point in my mind would be breaking soundly above the descending resistance on the chart. It has been active for over 2 years and as soon as we do break above it at this point traders will trip over themselves to get into a long before the pump is well underway. We all know how fast these things occur. So keep an eye on Bitcoin. We are approaching the cross roads. We either dip into the confines of the cloud or break up out of this equally confining triangle weve been in for ages. Either way Im excited to see whats next. But then again WTFDIK
TLDR: ¯\_( ͡❛ ͜ʖ ͡❛)_/¯
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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.
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.