⬇️⬆️ Honestly, Still a 50/50 Range For Bitcoin (BTC)
💰 LET'S GET INTO SOME LONGTERM BITCOIN ANALYSIS!💰
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🐻 Bearish
- We have been trapped under a major key level of resistance at 10k - 10.4k. This resistance level is the main level that will determine what happens next in the bitcoin market. I have labeled it as (King Of All Resistance) at the top of the chart.
- Notice in total that we have 7 wicks that have followed with the last 7 weekly market closes! When their is a lot of wick action at a critical level with no solid body close, this can indicate weakness for the bulls to breach to continue an uptrend.
- The last 3 weeks including the current one have all had lower bodies form with lower lows. This can be a bearish sign as we see price start to step back down.
- We currently are in a price range of 8.72k - 9.76k to develop the next major trend. Once we sustain a solid body of price price movement below or above these key levels, then we should have our idea on the next trend continuation to follow.
- Inside of this range we do sit around the 50% mark and are compressing with a DOJI candlestick pattern to indicate a lot of indecision. I do not recommend to play this candle here. Wait for a sold breach confirmation.
- Take into consideration that the red brick for our Crossover Strategy now sits above the current DOJI which can also represent bearish signs.
- The EMA DOTS indicator on the bottom does have an alignment of all 3 dots firing the same color. We use this to help identify trend reversals in any market.
- Remember that all of this is still in motion and will not close till (June 22, 2020) You always want to make sure that the timeframe closes for a more solid trade opportunity.
So overall we are just waiting for a breach on key S&R Levels as we sit at the 50% mark in the range consolidation. We are leaning bearish for now. Don't forget to use your tight stoploss on the breakouts and to never marry a bad trade! Cut loss when needed. Stay patient and let the trade come to you! Enjoy your weekend and stay safe!
Thanks for checking out our analysis! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🐻 Bearish
- We have been trapped under a major key level of resistance at 10k - 10.4k. This resistance level is the main level that will determine what happens next in the bitcoin market. I have labeled it as (King Of All Resistance) at the top of the chart.
- Notice in total that we have 7 wicks that have followed with the last 7 weekly market closes! When their is a lot of wick action at a critical level with no solid body close, this can indicate weakness for the bulls to breach to continue an uptrend.
- The last 3 weeks including the current one have all had lower bodies form with lower lows. This can be a bearish sign as we see price start to step back down.
- We currently are in a price range of 8.72k - 9.76k to develop the next major trend. Once we sustain a solid body of price price movement below or above these key levels, then we should have our idea on the next trend continuation to follow.
- Inside of this range we do sit around the 50% mark and are compressing with a DOJI candlestick pattern to indicate a lot of indecision. I do not recommend to play this candle here. Wait for a sold breach confirmation.
- Take into consideration that the red brick for our Crossover Strategy now sits above the current DOJI which can also represent bearish signs.
- The EMA DOTS indicator on the bottom does have an alignment of all 3 dots firing the same color. We use this to help identify trend reversals in any market.
- Remember that all of this is still in motion and will not close till (June 22, 2020) You always want to make sure that the timeframe closes for a more solid trade opportunity.
So overall we are just waiting for a breach on key S&R Levels as we sit at the 50% mark in the range consolidation. We are leaning bearish for now. Don't forget to use your tight stoploss on the breakouts and to never marry a bad trade! Cut loss when needed. Stay patient and let the trade come to you! Enjoy your weekend and stay safe!
Thanks for checking out our analysis! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
Comment:
every long term support level has became Resistance
