BTCUSD weekly candle closed as a bearish engulfing candle, giving the bears some hope to break the 6800 orderblock and retest the 6000 low.
My weekly sentiment is still neautral until the 72 MA is broken. A bounce off the 72 MA could give bulls enough strength to break the 50 MA and head towards their 10000 long targets. After a 10000 break the 12000 bull/bear line will be the next major resistance point.
It is to early to call on the weekly, but the bearish engulfing candle is very scary for bulls. Some support remains to invalidate the bears chance to retest 6000, but the daily trend is still bearish.
If you take a long here your stop should be placed below the 72 MA and target should be a retest of the 50 MA on the weekly. Since weekly sentiment is neutral (leaning towards bearish) you should ladder your long entries.
My weekly sentiment is still neautral until the 72 MA is broken. A bounce off the 72 MA could give bulls enough strength to break the 50 MA and head towards their 10000 long targets. After a 10000 break the 12000 bull/bear line will be the next major resistance point.
It is to early to call on the weekly, but the bearish engulfing candle is very scary for bulls. Some support remains to invalidate the bears chance to retest 6000, but the daily trend is still bearish.
If you take a long here your stop should be placed below the 72 MA and target should be a retest of the 50 MA on the weekly. Since weekly sentiment is neutral (leaning towards bearish) you should ladder your long entries.
Comment:
The 72 MA was broken and the 6000 low was tested. Bearish Engulfing candle proved too strong for bulls to fight.