elpokor

BTC: a Weekly review

COINBASE:BTCEUR   Bitcoin / Euro
Here's the chart in a readable jpeg format

Well, this is kinda of an update on one of my previous charts, with the recently closed weekly candle. For the 2014-2015 references, check the indicators in other exchanges as Coinbase wasn't in the game yet. The overall scenario looks like a trend reversal, not calling full bulls out yet; but we should at least be ranging in the yellow "back to the mean" zone which I'll detail later. I expect the little bullish green channel to provide support to reach the targets of the falling wedge we confirmedly broke to the upside this last week.

Ignore the Fibs, as they're there for smaller timeframes. Have a look at MACD and Stochastic's hidden bearish divergence

Tough call to make. Looking at the indicators, I can see people selling off due to the hidden bearish divergence, and the daily overbought indicators; but I think that could be a bear trap setup. (Pepperidge Farm remembers 5475€ $6700 as a nice buy-in https://www.tradingview.com/chart/BTCEUR/QZrLgKkv-Be-greedy-when-others-are-fearful/). People missing out last week's prices might FOMO-in if we dip somewhat substantially and snowball that into a bullish close of this week's candle reaching the 7800€ (conservative, non-Bulkowski's) target of the broken falling wedge ($9650-$9800). Definitely an interesting week ahead!

This is how day-1 of the week looks: we retraced from the 50 day MA but the green bullish channel top is holding as a support
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