The useless week if we talk about this market based on the weekly timeframe.
The price could not move above 9000.00 and continue the upward movement to 10000.00 resistance. The price could not drop below 8000.00 support and confirm the further downward movement in the correction format.
We are going to get a doji candlestick pattern which tells us about a pause in the bullish market. What will be after this break? We will see. And firstly we have to pay attention to the price action at the key levels like 9000.00 and 8000.00 as the breakouts above or below will show the direction of the further market movement.
If we talk about the logical variant - still, the correction should be in the priority. RSI is in the overbought zone, and it is going to confirm the price reversal. MACD and DMI confirm the uptrend and the strength of buyers.
Will the price reach 10000.00 before the correction or not? What do you think? Share your ideas in comments!
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I like your analysis. I believe there is a 70% probability top is in on this move. Time for a correction.
Let me know your thoughts on this- The 24-hour trading volume ratio between BTC and Tether reversed beginning of August where Tether had a higher 24-hour trading volume than bitcoin. THIS HAS NEVER BEEN SEEN BEFORE. Since then the Tether volume slipped slightly under but has kept a very tight ratio to bitcoins volume. This ratio has also never been seen before as there has usually been a 20%-50% difference in this ratio. It is difficult to draw a conclusion on this but I just find the timing between the tether volume, BTC pump, and NY AG news too much of a coincidence.
Chartleader
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@andrewquinn1989, I think it is very interesting comments on the trend of BTC. If you have any support materials, could u share those for us ?! Thank you !
knowlton23
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Anything is possible, but I'm hoping for a pullback. Yes I want to buy lower, but it also seems like a pullback would be good for bitcoin's long term stability. These parabolic moves aren't healthy imo.
jdzaran
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I agree. This 100% run up is testing my self-discipline...I'm mostly in cash waiting for better technicals.
Tradingstrategyguides
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I always like the plan "If this happens then what". Thanks for giving some insight on that.
djolebg
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still think it wont be a break, but a crash, as soon as weekly MACD starts going down.. but yea maybe 10k first.. or crash right now :)) we ll see
but its a good realistic analasys.. not very helpfull though.. and its not your fault, really no one can give any meaningfull advice right now..
Let me know your thoughts on this- The 24-hour trading volume ratio between BTC and Tether reversed beginning of August where Tether had a higher 24-hour trading volume than bitcoin. THIS HAS NEVER BEEN SEEN BEFORE. Since then the Tether volume slipped slightly under but has kept a very tight ratio to bitcoins volume. This ratio has also never been seen before as there has usually been a 20%-50% difference in this ratio. It is difficult to draw a conclusion on this but I just find the timing between the tether volume, BTC pump, and NY AG news too much of a coincidence.