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 strongest support/resistance 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 and bitcoins 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.
Previous idea:
Comment
⋅
By the way I'm running tg channel where I provide free high quality bitmex trading signals. And according to my last ideas I will be looking mostly to open long positions here. Tradingview does not allow to post links, so search yourself on tg for "Free_Bitmex_Signals" or pm me for link.
If it makes it to 10k bro, I wouldn't be expecting it to "hang out in the red box" as everyone and their Mom is planning on taking profit there which doesn't bode well for BTC- should only be temporary though