Firstly, this analysis is based on a weekly scale. The short-term price may fluctuate as we have been seeing these weeks.
Today I don't want to focus too much on others indicators. I will be looking ONLY on price action, supports/resistances and moving averages
I still considering Bitcoin bullish for the followign reasons :
1) Price remains on top of all major moving averages confirming price action remains positive
2) After four correction weekly candles, price will close in green, which suggest bullish continuation.
3) The price has not broken and closed below 8900$, which would indicates short-term bearish price action. But beware, this could bearish movement could be a beartrap before the real bullish push out. I would only consider bearish reversal when price breaking through different moving averages.
In conclusion,
Based on my explained reasons, there is no big news for Bitcoin as its price continues is consolidation in the high zone of weekly resistance.
Price may fluctuate between $8,600-$10,500, but there will be no further confirmation of the trend until these key points are broken.
An ideal scenario for bulls would be a drop $8900 to test and a spike lower to 8400-8600$ , then a continuation & breakout in $10500
Take care and good luck !
Today I don't want to focus too much on others indicators. I will be looking ONLY on price action, supports/resistances and moving averages
I still considering Bitcoin bullish for the followign reasons :
1) Price remains on top of all major moving averages confirming price action remains positive
2) After four correction weekly candles, price will close in green, which suggest bullish continuation.
3) The price has not broken and closed below 8900$, which would indicates short-term bearish price action. But beware, this could bearish movement could be a beartrap before the real bullish push out. I would only consider bearish reversal when price breaking through different moving averages.
In conclusion,
Based on my explained reasons, there is no big news for Bitcoin as its price continues is consolidation in the high zone of weekly resistance.
Price may fluctuate between $8,600-$10,500, but there will be no further confirmation of the trend until these key points are broken.
An ideal scenario for bulls would be a drop $8900 to test and a spike lower to 8400-8600$ , then a continuation & breakout in $10500
Take care and good luck !
Comment:
Price doing well on the end if week confirming this candle is bullish and no reason for be bearish
Trade active:
Bull point confirmed according to this overview + update