Hello traders,
Not much activity on the Bitcoin chart this week.
As covered on the prior bitcoin article, we had a great breakout from a descending area on the 4 hour time-frame. Upon breakout we retested the zone and since then BTC is showing weakness, anticipated a stop hunt to the mentioned area of 9200 that turned out to be a huge indecisive candle on the 4h and then continued consolidating, failing to breach above the yellow area which was expected to be a support for the next push higher.
Focusing on the 4 hour time-frame there's a consolidation and lack of bullish or bearish power at the moment, so I prefer to stay away from trading during this time of indecision. However I'd like to mention a possible scenario that we could anticipate.
A break above the yellow resistance that would take us towards the likes of 10,000-10,200. However we could expect some stop hunts during this process, just like the last candle on the 4 hour.
If we fail to break above the yellow resistance and the bearish momentum kicks in, then by all means we can start looking for short opportunities. I'll leave this out for now as it does not look possible at the moment.
On the weekly time frame, we have been moving in-between a zone of support and resistance for 5 weeks straight now. We broke above and below the area but never succeeded on closing like that.
This weeks candle closed just above the support region, if we maintain to move in the same waves we've been moving the past couple of weeks, we should be seeing an upside push from this region.
Not much activity on the Bitcoin chart this week.
As covered on the prior bitcoin article, we had a great breakout from a descending area on the 4 hour time-frame. Upon breakout we retested the zone and since then BTC is showing weakness, anticipated a stop hunt to the mentioned area of 9200 that turned out to be a huge indecisive candle on the 4h and then continued consolidating, failing to breach above the yellow area which was expected to be a support for the next push higher.
Focusing on the 4 hour time-frame there's a consolidation and lack of bullish or bearish power at the moment, so I prefer to stay away from trading during this time of indecision. However I'd like to mention a possible scenario that we could anticipate.
A break above the yellow resistance that would take us towards the likes of 10,000-10,200. However we could expect some stop hunts during this process, just like the last candle on the 4 hour.
If we fail to break above the yellow resistance and the bearish momentum kicks in, then by all means we can start looking for short opportunities. I'll leave this out for now as it does not look possible at the moment.
On the weekly time frame, we have been moving in-between a zone of support and resistance for 5 weeks straight now. We broke above and below the area but never succeeded on closing like that.
This weeks candle closed just above the support region, if we maintain to move in the same waves we've been moving the past couple of weeks, we should be seeing an upside push from this region.
Trade closed: target reached
