Here’s a recap on whats going on with BTC:USD pair on the weekly and .
As you may know, we’ve been forming green candles after green candles on the weekly for quite some time now, with this week’s candle being the strongest of them all, breaking through the 7700 resistance and taking the price all the way up to 9500. Now as you can see 9500 is a key level of resistance on the weekly and it also correlates well with the descending trend-line. This level has been well respected during this push higher, and it’s the exact area where bulls begun to show their weakness.
Another correlation with this level is the 78.6 FIB level which further indicates that we should be seeing some type of reversal from this level.
I highlighted this region on the daily time-frame and as you can see the price is consolidating exactly inside this zone, thus forming two new levels.
We should be seeing a breakout from this zone before we jump into conclusions on where the price is headed, however from the confluences mentioned above, a reversal to the downside is logical.