Bitcoin Weekly Update
Price action is in a Trading Range. It is likely we have completed the Bull Leg inside TR.
We broke below Bull TD. Selling Pressure is not convincing for Bear Trend yet but first reversal would be minor. Expecting this first reversal to end around 36810 but not sure of it, it can test it or not. It does not matter at all.
There would be a Bull Trend Resumption around Range High. Not sure of the fact that it will be Higher High Major Trend Reversal, HH MTR or Lower High Major Trend Reversal, LH MTR.
We Sell High and Buy Low in TR. Wait for the failure of Bull Trend Resumption around the Range High, then only take a short. Currently, Bulls will be looking to buy from end of first bear reversal, betting on trend resumption. They will be most likely be scalping and taking profit around Range High.
What am I Expecting This Week
Price will be testing more lower, may that bear leg end today or tomorrow also. There can be a buying pressure from that lower and this bull rally would be strong on LTFs. End of week would give the insight of weakening of that Bull Trend Resumption Rally.
Price action is in a Trading Range. It is likely we have completed the Bull Leg inside TR.
We broke below Bull TD. Selling Pressure is not convincing for Bear Trend yet but first reversal would be minor. Expecting this first reversal to end around 36810 but not sure of it, it can test it or not. It does not matter at all.
There would be a Bull Trend Resumption around Range High. Not sure of the fact that it will be Higher High Major Trend Reversal, HH MTR or Lower High Major Trend Reversal, LH MTR.
We Sell High and Buy Low in TR. Wait for the failure of Bull Trend Resumption around the Range High, then only take a short. Currently, Bulls will be looking to buy from end of first bear reversal, betting on trend resumption. They will be most likely be scalping and taking profit around Range High.
What am I Expecting This Week
Price will be testing more lower, may that bear leg end today or tomorrow also. There can be a buying pressure from that lower and this bull rally would be strong on LTFs. End of week would give the insight of weakening of that Bull Trend Resumption Rally.
Trade it like a Range Breakout. Making a Swing Long Position should be the primary Goal this week.
We might see pullback which will be minor and will not stop the trend.
First Resistance Level is 49326. It is obvious price will not be stopped here.