Welcome back traders,
Bitcoin has been all over the place lately. The bulls are holding out strong, receiving support from the 21 exponential moving average(EMA) at $8,221.40 on the weekly. It is likely not a coincidence that we saw trend support at $8,233.00 the week of October 14, 2019. A weekly close above the 21EMA is crucial for the continuance of BTC's current uptrend, displayed on the graph. Assuming that the local selloff is complete, our first major trend resistance/support falls at $8,700.00. If reclaimed, $9,300.00 would be the target for the weekly close. It is noteworthy that we would likely see resistance/support around $8,500.00, which would be supported by charts with shorter time-frames, such as the 12h. A weekly closure below the 21EMA, however, would indicate the bears may be taking back control. The Volume Profile Visible Range(VPVR)'s strongest Point of Control(POC) at $7,944.50 demonstrates that this will likely be an excellent support/resistance line. The 50 Moving Average(MA) at 7895.50, coupled with strong trend support at $7,861.00 from the week of September 30, 2019, suggest a likely range for support if 7944.50 does not hold. This may also serve as a possible area for wicks if our 21EMA is broken on this close as well. If these support areas do not hold, $7,350.50 and $7,100.00 are the next trend supports from the weeks of December 16, 2019 and December 30, 2019, respectively. It is also noteworthy that when we saw trend support at $8,233.00, RSI bottomed at 47.21. If these levels do not hold, our next support would likely expect RSI to bottom around 44.93, such as when we bottomed at $7,861.00 at the end of September.
Disclaimer: This is NOT trading advice, NOR financial advice! These are merely my opinions that I have posted for educational purposes ONLY. Trading comes with huge risk, which should be managed with extreme caution. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!
Bitcoin has been all over the place lately. The bulls are holding out strong, receiving support from the 21 exponential moving average(EMA) at $8,221.40 on the weekly. It is likely not a coincidence that we saw trend support at $8,233.00 the week of October 14, 2019. A weekly close above the 21EMA is crucial for the continuance of BTC's current uptrend, displayed on the graph. Assuming that the local selloff is complete, our first major trend resistance/support falls at $8,700.00. If reclaimed, $9,300.00 would be the target for the weekly close. It is noteworthy that we would likely see resistance/support around $8,500.00, which would be supported by charts with shorter time-frames, such as the 12h. A weekly closure below the 21EMA, however, would indicate the bears may be taking back control. The Volume Profile Visible Range(VPVR)'s strongest Point of Control(POC) at $7,944.50 demonstrates that this will likely be an excellent support/resistance line. The 50 Moving Average(MA) at 7895.50, coupled with strong trend support at $7,861.00 from the week of September 30, 2019, suggest a likely range for support if 7944.50 does not hold. This may also serve as a possible area for wicks if our 21EMA is broken on this close as well. If these support areas do not hold, $7,350.50 and $7,100.00 are the next trend supports from the weeks of December 16, 2019 and December 30, 2019, respectively. It is also noteworthy that when we saw trend support at $8,233.00, RSI bottomed at 47.21. If these levels do not hold, our next support would likely expect RSI to bottom around 44.93, such as when we bottomed at $7,861.00 at the end of September.
Disclaimer: This is NOT trading advice, NOR financial advice! These are merely my opinions that I have posted for educational purposes ONLY. Trading comes with huge risk, which should be managed with extreme caution. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!