Hello traders, we're back with another weekly market update on Bitcoin.
For this one we'll be looking to identify potential moves on the daily and weekly time-frame.
Starting of with the weekly time-frame, as you can tell the key levels that were covered weeks in advance are still holding pretty well. After that huge reversal from 10,500, we some-how started to see some upside movements trying to break above the 8400 resistance three weeks in a row, but they were short and weak movements and we never really managed to close above the 8400 barrier.
Starting off next week we should be seeing another attempts to break above this level, which could be a great indicator of whether or not we're going to start climbing higher, a break above 8400 would take us 9500-10,000 in no time. On the other hand we have the 7400 support which looks pretty risky right now, failing to break above the resistance level for four weeks in a row could enhance the chances of 7400 level to be met, and this level is the only barrier which keeps the price from a catastrophic push to 6000.
Now, taking it down to the daily time-frame as you can see we've been moving back and forth in between the 8500 weekly resistance and the 7870 daily support.
Should we start to push upwards starting of next week, we should be seeing another attempt to break the weekly resistance on the daily. This move looks highly possible as we also have a mini daily ascending trend-line which looks good so far. however always be aware of the key levels as we could almost anytime from stop hunts to these level.
If the the price breaks and closes below the trend-line and the daily support breaks we could be seeing 7400 weekly support being met.
For this one we'll be looking to identify potential moves on the daily and weekly time-frame.
Starting of with the weekly time-frame, as you can tell the key levels that were covered weeks in advance are still holding pretty well. After that huge reversal from 10,500, we some-how started to see some upside movements trying to break above the 8400 resistance three weeks in a row, but they were short and weak movements and we never really managed to close above the 8400 barrier.
Starting off next week we should be seeing another attempts to break above this level, which could be a great indicator of whether or not we're going to start climbing higher, a break above 8400 would take us 9500-10,000 in no time. On the other hand we have the 7400 support which looks pretty risky right now, failing to break above the resistance level for four weeks in a row could enhance the chances of 7400 level to be met, and this level is the only barrier which keeps the price from a catastrophic push to 6000.
Now, taking it down to the daily time-frame as you can see we've been moving back and forth in between the 8500 weekly resistance and the 7870 daily support.
Should we start to push upwards starting of next week, we should be seeing another attempt to break the weekly resistance on the daily. This move looks highly possible as we also have a mini daily ascending trend-line which looks good so far. however always be aware of the key levels as we could almost anytime from stop hunts to these level.
If the the price breaks and closes below the trend-line and the daily support breaks we could be seeing 7400 weekly support being met.
Comment:
MISS-CLICK EDIT : "However always be aware of the key levels as we could almost anytime *FORM* stop hunts *BACK* to these level."
