BTCUSD Weekly Candle Close| EMA's Crossing | Weekly Higher Low?
Hello Traders!
Welcome back to today’s chart update, which will be on Bitcoins weekly chart, where we have a potential indecision candle close? The weekly trend maybe putting in its local higher low however the EMA’s are showing bearish signs near the psychological $8000 level…
Points to consider
- Trend still bullish on weekly (Testing trend line)
- Major structural support at $6000 level
- Local resistance at .236 Fibonacci
- Stochastics projected downwards
- RSI testing support
- Volume declining
- EMA’s crossing
Trend is still bullish on weekly until trend line is broken, price did fail to make a higher high on first attempt due to local resistance at the .236 Fibonacci level. Bitcoin needs to break this level to put in a higher high to continue this trend.
However, there are a few bearish signs that need to be considered, Bitcoin is currently forming an indecision candle at a very critical point, and it is below the EMA’s and at the psychological level of $8000.
Major structural support will be tested if the .618 Fibonacci level does not hold, it is probable for a bounce to come to fruition here due to its historical significance. The stochastics is projecting downwards momentum, it can stay here for an extended period of time if this bearish scenario was to play out.
The RSI is testing a key support area, where a bounce will dictate a bullish scenario playing out and vice versa for the bearish scenario. Volume is well below average, this usually means that a volatile move in any direction is highly probable.
The EMA’s are crossing bearish, this is a very bad sign for the bulls as the EMA’s has held BTC support throughout the whole bull market. A cross will be very bearish and will most likely push Bitcoin to lower levels…
What are your thoughts on Bitcoin’s current price action? Will we break bearish or bullish from this psychological level of $8000?
Please leave a like and comment
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig
Welcome back to today’s chart update, which will be on Bitcoins weekly chart, where we have a potential indecision candle close? The weekly trend maybe putting in its local higher low however the EMA’s are showing bearish signs near the psychological $8000 level…
Points to consider
- Trend still bullish on weekly (Testing trend line)
- Major structural support at $6000 level
- Local resistance at .236 Fibonacci
- Stochastics projected downwards
- RSI testing support
- Volume declining
- EMA’s crossing
Trend is still bullish on weekly until trend line is broken, price did fail to make a higher high on first attempt due to local resistance at the .236 Fibonacci level. Bitcoin needs to break this level to put in a higher high to continue this trend.
However, there are a few bearish signs that need to be considered, Bitcoin is currently forming an indecision candle at a very critical point, and it is below the EMA’s and at the psychological level of $8000.
Major structural support will be tested if the .618 Fibonacci level does not hold, it is probable for a bounce to come to fruition here due to its historical significance. The stochastics is projecting downwards momentum, it can stay here for an extended period of time if this bearish scenario was to play out.
The RSI is testing a key support area, where a bounce will dictate a bullish scenario playing out and vice versa for the bearish scenario. Volume is well below average, this usually means that a volatile move in any direction is highly probable.
The EMA’s are crossing bearish, this is a very bad sign for the bulls as the EMA’s has held BTC support throughout the whole bull market. A cross will be very bearish and will most likely push Bitcoin to lower levels…
What are your thoughts on Bitcoin’s current price action? Will we break bearish or bullish from this psychological level of $8000?
Please leave a like and comment
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig
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