BTCUSD WEEKLY: Time for consolidative/corrective work.
The pair had a nice run up since the beginning op April but seems to have hit some resistance now; The area where bulls and bears fought for control last year (triangle) can cause some 2018 bulls to even up in this area.
Most significant is the doji posted last week; Mostly this will precede a time of rest or some corrective action. With the RSI indicator at weekly overbought levels, this seems to be the most likely course of action for the next several weeks.
Market could try to search for a higher low where after the uptrend should continue. Look for such a higher low when the weekly RSI indicator comes close to the 50 reading, in combination with bullish reversal signals.
Watch Fibonacci levels should the market retrace; especially the 38.2% level, around 6940, also the low end of the benchmark candle. The recent high sees resistance around 9100, after that the 10.000 mark should see next resistance.
In short; watch a more quit market for now where signs of a higher low at mentioned lower leves can stand for an entry level.
Most significant is the doji posted last week; Mostly this will precede a time of rest or some corrective action. With the RSI indicator at weekly overbought levels, this seems to be the most likely course of action for the next several weeks.
Market could try to search for a higher low where after the uptrend should continue. Look for such a higher low when the weekly RSI indicator comes close to the 50 reading, in combination with bullish reversal signals.
Watch Fibonacci levels should the market retrace; especially the 38.2% level, around 6940, also the low end of the benchmark candle. The recent high sees resistance around 9100, after that the 10.000 mark should see next resistance.
In short; watch a more quit market for now where signs of a higher low at mentioned lower leves can stand for an entry level.
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