Momentum and selling pressure are high and Bitcoin has been bearish for 6 weeks; now the price is at a very important support zone.
We are not trying to predict the future — it doesn’t matter to us whether Bitcoin becomes $1,000 or $1,000,000 because we are traders and our job is to read the trend.
If sellers can break through this strong support level, we expect price to move toward the $60,000 area.
However, the chance of a sharp move like that is low — it will likely be defended for at least one to two weeks, and we’ll see small weekly candles.
For trading on lower timeframes I don’t recommend taking long positions due to the strong selling momentum, but if we see a sell trigger on lower cycles we will definitely enter.
Now we will do a deeper review of sell triggers in the weekly watchlist.
We are not trying to predict the future — it doesn’t matter to us whether Bitcoin becomes $1,000 or $1,000,000 because we are traders and our job is to read the trend.
If sellers can break through this strong support level, we expect price to move toward the $60,000 area.
However, the chance of a sharp move like that is low — it will likely be defended for at least one to two weeks, and we’ll see small weekly candles.
For trading on lower timeframes I don’t recommend taking long positions due to the strong selling momentum, but if we see a sell trigger on lower cycles we will definitely enter.
Now we will do a deeper review of sell triggers in the weekly watchlist.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.