Bitcoin Looking To Dive
Bitcoin is looking bearish when we look at the weekly chart.
If we close today's candle engulfing the green candle next to it thats another confirmation that bears will be in control.
Also price is going up while the volume is declining which also indicates it's corrective nature.
Going into a bull market from here is highly unlikely in my opinion until we test lower levels first..around 7700 area or lower
Don't over complicate things. I highlighted the support and resistance areas.
For us to be bullish bitcoin must break above $10500 and close weekly candle above it or else there's no change.
My bias is towards bearish side. A good swing trade area. I will be shorting around 9600 area and ladder it up to 10k and take profit around $8600 area
Hope this was helpful. Thanks
If we close today's candle engulfing the green candle next to it thats another confirmation that bears will be in control.
Also price is going up while the volume is declining which also indicates it's corrective nature.
Going into a bull market from here is highly unlikely in my opinion until we test lower levels first..around 7700 area or lower
Don't over complicate things. I highlighted the support and resistance areas.
For us to be bullish bitcoin must break above $10500 and close weekly candle above it or else there's no change.
My bias is towards bearish side. A good swing trade area. I will be shorting around 9600 area and ladder it up to 10k and take profit around $8600 area
Hope this was helpful. Thanks
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