Bitcoin on Weekly Chart
Good Morning/Afternoon and hope you all are having a great weekend. Most of my analysis is on the chart as I show how i setup my indicators and what im expecting to occur with Bitcoin in the coming weeks/months as we are using a long time frame chart. We need to avoid getting rejected below $10,500 and creating another lower high. This has me abit worried on the bull side as based on the chart we are currently setting up for another possible lower high in price with another lower high in bullish momentum. This is a perfect setup for shorting at a LT Resistance point so from a risk reward standpoint and based on past price action we are getting close to where hedging against positive price action may be a good idea coming up soon if we start stalling above/around $10,000. But the trend is your friend and I have 0 plans to short in the near term and currently have stop loss orders around $9800 as if we fall below that i expect a correction to be probable and I can exit in profit from my buys below $9500 and $9300. With my stop loss at $9800 I can absorb more gains if we have a small dip before pumping where my order wont be filled and if a correction does occur I'm assured to exit in profit at $9800! Thank You For Your Time Everyone as I will post more charts/analysis this afternoon/evening based on price action.
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