The Bear and Bull Whales are currently on a price war to determine the direction in which bitcoin is supposed to be going on the next up coming weeks.
The Bull Whales are trying to prevent the 4H 200EMA and 55EMA from doing a death cross, while the Bear Whales are trying to make the 200EMA and 55EMA death cross to happen.
If the Bull Whales are indeed winning this war, and closes the price action above this 55EMA or the red box labeled on the 4H timeframe, we will see a major uptrend continuing our last rally and looking for a price target of 11,200 and potentially 11,800.
If the Bear Whales are indeed winning this war, and closes the price action below 11,300 or even further down the green box on the 4H timeframe, we will see a further retracement to the 9,670 and 9,180 area and potentially further.
For now, we will just leave it up to the whales to determine where we should be going.
The Bull Whales are trying to prevent the 4H 200EMA and 55EMA from doing a death cross, while the Bear Whales are trying to make the 200EMA and 55EMA death cross to happen.
If the Bull Whales are indeed winning this war, and closes the price action above this 55EMA or the red box labeled on the 4H timeframe, we will see a major uptrend continuing our last rally and looking for a price target of 11,200 and potentially 11,800.
If the Bear Whales are indeed winning this war, and closes the price action below 11,300 or even further down the green box on the 4H timeframe, we will see a further retracement to the 9,670 and 9,180 area and potentially further.
For now, we will just leave it up to the whales to determine where we should be going.
Comment:
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Comment:
The Bulls won the Tug of War for the time being, and we hit the 11,000 resistance.
Look for a bounce for to around the 10,800 to 10,600 area for test of support, and possibly continuing to around 11,000 after it has been confirmed as a support.
Look for a bounce for to around the 10,800 to 10,600 area for test of support, and possibly continuing to around 11,000 after it has been confirmed as a support.
Comment:
Comment:
Bitcoin failed to hold support on the 10,600 area, and went for a test of the 9,600 support area, and bounced back to around the green box for test of resistance.
It is currently still in a consolidation phase and has no clear breakout.
It is currently still in a consolidation phase and has no clear breakout.
Comment:
9600 holds support pretty well
Trade closed manually