Happy Saturday to all of you! In this current analysis, I will cover about the bitcoin's possible moves from the weekly time frame.
Before we start, let's take a look at the historical moment of the bitcoin between April 2019 - June 2019. There was a huge parabolic movement to the upside and most of the crypto people said that they might not see the $5000 region again. But, guess what? Now the price is trending right around the $5000 - $6000 region which once again invalidate bias of all the majority. Now, at the support, I see a lot of people who think that they're an expert is telling us to open short position! This doesn't make sense, that's why I suggest you to not gaining any trust to the majority. Make your own strategy and identify your own risk limit.
Talking about current bitcoin technical chart, I do believe that currently the price has formed my 3 favorite of break out strategy phases. Assuming the bullish falling wedges that has been broken previously, we've never seen the upper line of this wedges to be tested again. And with this current huge down side moves, it's officially being tested again. Look at the price action when price touched this region which has an alignment with the lower line of the yellow support trend line, which has formed since 2017. The weekly candle rejected very hard when the price touched this area. Assuming the strong support zone, I'll expecting a pull back and the weekly candle to close slightly above the white region which indicating that once again the price is respecting this zone. If the price can sustain above the white region, we might see the price to test the upper yellow resistance trend line which is in confluence with the 78.6 fib retracement ($8000 - $9100). At first, I'll wait for the micro level to form any sign of reversal to enter long.
Before we start, let's take a look at the historical moment of the bitcoin between April 2019 - June 2019. There was a huge parabolic movement to the upside and most of the crypto people said that they might not see the $5000 region again. But, guess what? Now the price is trending right around the $5000 - $6000 region which once again invalidate bias of all the majority. Now, at the support, I see a lot of people who think that they're an expert is telling us to open short position! This doesn't make sense, that's why I suggest you to not gaining any trust to the majority. Make your own strategy and identify your own risk limit.
Talking about current bitcoin technical chart, I do believe that currently the price has formed my 3 favorite of break out strategy phases. Assuming the bullish falling wedges that has been broken previously, we've never seen the upper line of this wedges to be tested again. And with this current huge down side moves, it's officially being tested again. Look at the price action when price touched this region which has an alignment with the lower line of the yellow support trend line, which has formed since 2017. The weekly candle rejected very hard when the price touched this area. Assuming the strong support zone, I'll expecting a pull back and the weekly candle to close slightly above the white region which indicating that once again the price is respecting this zone. If the price can sustain above the white region, we might see the price to test the upper yellow resistance trend line which is in confluence with the 78.6 fib retracement ($8000 - $9100). At first, I'll wait for the micro level to form any sign of reversal to enter long.
