Hello everyone hope you're having a good time.
It's currently a critical time in the market right now, so let's jump into this weeks analysis on BTC:USD pair.
As you can tell we'll be breaking down both weekly and daily time-frames.
Starting off with the weekly time-frame after fulfilling the 7500-8000 region that was covered on the last weeks article - bitcoin immediately gained momentum that reversed us back towards 9000-9500 where its currently being traded at.
The 9500 region on the weekly appears to be a crucial level, as you can tell it was a very strong support which now turned resistance. If today's weekly closure closes like this, starting off from next week we should be starting to see further attempts to break above the 9500 resistance.
A break above the 9500-10,000 resistance will easily take us to 12,000 level on the weekly.
Taking it down to the daily time-frame we are currently in a consolidation phase, a breakout to the upside will take us to 10,800 - 11,000 which I marked as a short term target. I also highlighted the 8700 level as a possible manipulative level to be aware of if we break below the consolidation area.
You should be closely monitoring the 9500 resistance and the 8700 manipulative region. Even though Bitcoin looks extremely bullish right now if we break below 8700, bears can easily take control of the market and drive the price back to 8000.
It's currently a critical time in the market right now, so let's jump into this weeks analysis on BTC:USD pair.
As you can tell we'll be breaking down both weekly and daily time-frames.
Starting off with the weekly time-frame after fulfilling the 7500-8000 region that was covered on the last weeks article - bitcoin immediately gained momentum that reversed us back towards 9000-9500 where its currently being traded at.
The 9500 region on the weekly appears to be a crucial level, as you can tell it was a very strong support which now turned resistance. If today's weekly closure closes like this, starting off from next week we should be starting to see further attempts to break above the 9500 resistance.
A break above the 9500-10,000 resistance will easily take us to 12,000 level on the weekly.
Taking it down to the daily time-frame we are currently in a consolidation phase, a breakout to the upside will take us to 10,800 - 11,000 which I marked as a short term target. I also highlighted the 8700 level as a possible manipulative level to be aware of if we break below the consolidation area.
You should be closely monitoring the 9500 resistance and the 8700 manipulative region. Even though Bitcoin looks extremely bullish right now if we break below 8700, bears can easily take control of the market and drive the price back to 8000.
