In my previous idea I described why bitcoin
is still bullish
on 4h timeframe. Now I will do the same for 1W timeframe. On weekly timeframe
we can see volume profile
clearly shows us that bitcoins
level above 6400 is located on 8200 level (blue circle). Previous week's candle bounced from this level and closed higher above it. This week's candle did the same nice bounce and will close higher above this level. Both volume profile
history show us there is no any strong resistance until 10k$ level. Considering we know how assets price is moving we can predict bitcoin
to reach 10k$ at least and should stop somewhere in red zone.
I also want to tell you not to try shorting this strong bullish trend
. Shorting such a trend is good way to be famous in Bitmex's twitter
REKT account, but not to make profits. Even if you succeed in shorting your profit most likely will be little while risk is high. Following trend is the best strategy at the moment.