Good evening traders! Bitcoin is bouncing off of $7,700 support on the weekly, holding strong so far. Interestingly, starting in August, Bitcoin is following an odd green, red, red, red pattern weekly. So far, we appear to be in a green candle. Not that I can say I have firm reason to believe this will continue, but I would be skeptical of any red candle closes below $7,700. If I were in Bitcoin, my stops would be set up to protect the huge gap between $5,253.74 and $7,700. $10,148.51 is the next High Volume Node going in the opposite direction. It is noteworthy that as we zoom out on this chart, there is a more historic high volume node at the $6,400, which may provide support. These figures may seem far fetched, but we've seen some huge price moves in August and September, only time will tell if Bitcoin continues to bounce.
Keep an eye out for my daily and 4h charts for some short term fun! I'll link in the comments.
Disclaimer: This is NOT trading advice! These are merely my opinions that I have posted for educational reasons only. I hope you all kill it, but I am not responsible for any financial losses. Thanks for reading!
Keep an eye out for my daily and 4h charts for some short term fun! I'll link in the comments.
Disclaimer: This is NOT trading advice! These are merely my opinions that I have posted for educational reasons only. I hope you all kill it, but I am not responsible for any financial losses. Thanks for reading!