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
In order to go long you need sellers, there sits a decidedly greater amount of sellers @ 10000.00, leaving buyers trapped. Where do they put there stops? And where are new buyers waiting in the wings? Me thinks 8889-8777. To be sure we see sub 88 before we see 10 again. Lastly forget fundamentals, just look at the US indices surely they are not supported by fundies.
Nice work. Like the 10.4 "King of all resistance". Lots of bears lining up there. Not sure if the drop will be significant enough for a trend switching though. Anyways, we are fundamentally bullish.
OTM.Investments
⋅
@Phi-Deltalytics, awesome, thank you for sharing with us. We appreciate your work! 😁