BTC: There’s Definitely Something to Keep an Eye On
BTC Weekly chart
The week is coming to an end and if this weekly candle closes like this, it will be SIGNIFICANT. Why? Because we’ll confirm a higher high and break above the 0.382 Fib & Major Horizontal (~9.6k).
The problem is that BTC has gone this high too fast. It feels like we are in a need of a pullback, but
-> Whatever resistance or a chart pattern you’ve been drawing for a couple of weeks, they were broken to the upside and invalidated. This type of action is pretty reminiscent of what we had last year in April-June.
There’s definitely gonna be a correction for BTC . 10k is a very important level. If we close the weekly above it, the most outcome I see is a slight pullback to 9.5k and after that we may easily make it all the way up to 11.5 region. Why exactly 11.5k? There is a pretty notable Gap on .
So, we may not get a highly awaited pullback until we fill that gap.
There is no reason to be , especially if we close the weekly above 10k. Closing the weekly anywhere above 9.5k is good enough to confirm a higher high on spot market. On the weekly chart a higher high was already confirmed as we closed above prior high.
Really important thing to keep an eye on is Open Interest. It keeps climbing up and now sitting at $1.11 billion! This means that we've yet to see the BIG move.
What do you think about it? Share your thoughts in the comments!
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The information given is never financial advice. Always do your own research.