Not much going on with bitcoin right now. I figured id take this time out to map out a bullish and bearish scenario on bitcoins daily chart.
BEARISH:
Descending triangle has formed (bearish triangle pattern)
We broke 50 level resistance, but looks short lived, for the time being.
Once resistance was met around 6797 range, 3 bearish candles formed.
If we break support around 6542, we could test the support of the descending triangle, roughly the 6000 range.
If tested we can break lower, we have tested that region multiple times. *LEVELS THAT ARE TESTED MULTIPLES CAN BECOME WEAKER AFTER EACH TEST*
BULLISH:
We broke resistance around 6542 range. We are now testing that region for support.
If that level can hold, further bullish momentum is in play. Next resistance will be around the 6900-7000 range. We can also test further resistance at 7300.
As the week continues, look to see if we can successfully close above 6542.
BEARISH:
Descending triangle has formed (bearish triangle pattern)
We broke 50 level resistance, but looks short lived, for the time being.
Once resistance was met around 6797 range, 3 bearish candles formed.
If we break support around 6542, we could test the support of the descending triangle, roughly the 6000 range.
If tested we can break lower, we have tested that region multiple times. *LEVELS THAT ARE TESTED MULTIPLES CAN BECOME WEAKER AFTER EACH TEST*
BULLISH:
We broke resistance around 6542 range. We are now testing that region for support.
If that level can hold, further bullish momentum is in play. Next resistance will be around the 6900-7000 range. We can also test further resistance at 7300.
As the week continues, look to see if we can successfully close above 6542.