XBTUSD Analysis
Updated
Weekly close below 6612.5 is bearish, and if we lose that as support expecting us to break the 2019 low.
Now consolidating and seems to be finding support, at most expecting a rally up to liquidate late shorters.
Weekly close above 8317 would open up a possibility for a test of 9k.
Ideally we see a pump to 8K and then a rejection, to ride the Bitcoin capitulation after that.
Weekly close above 8320 / Daily close above 9K are things that would make me change bias
Now consolidating and seems to be finding support, at most expecting a rally up to liquidate late shorters.
Weekly close above 8317 would open up a possibility for a test of 9k.
Ideally we see a pump to 8K and then a rejection, to ride the Bitcoin capitulation after that.
Weekly close above 8320 / Daily close above 9K are things that would make me change bias
Trade active
Price of Bitcoin today is 8339.5, late shorters got punished hard.20% up in 1 week. Looks like a good spot to take profit on longs. Eyeing 8700-8800 as a possible top out area as well.
No shorts opened yet in 2020. Will keep you guys updated
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