TheHitman

Upcoming pullback for BTCUSD?

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hi Traders

As we closed the monthly candle yesterday and the weekly today it is worth to look at a weekly chart of BTCUSD to get a feeling of the overall state of the market. Since march we are in an uptrend, the market had to break resistance in the area before 10k and at 12k level to highs we are right now. Summer 2019 the market was in that area too but failed to break trough it. So I still think we are at a major resistance level .

Looking at the last couple of weeks we also see, that the last two weeks were very strong. Also the market closes at a former monthly level back in Jan 2018. Therefore I see a lot of reasons to expect the market to pullback and retest some lower level. More concrete I expect to see a weaker bullish candle maybe a wick through 14300 this week, but still close below 14300 and then start its pullback to retest 13500 or even 12k. This is a scenario - I will not trade that blindly, but when I see nice price actions around the mentioned areas on lower timeframes I will trade it.

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