BTCUSD Weekly Analysis

31 May 2019

The bulls have been strong the past few weeks, with four consecutive bull bars closing on their highs. This is strong buying pressure, although still within a trading range. Even though prices are within a trading range, the first reversal down is likely to fail and the bulls will likely get a second leg up. So far this week is stalling, but there is a tail on the bottom of the bar decreasing the bear strength. Unless the bears get a strong close today, this reversal will probably fail. However the bulls will likely begin to start taking profits around the 11000 start of the bear channel. The bulls need a strong breakout above in order to increase the likelihood of reaching the buy climax and all time high. More than likely, two sided trading will begin soon with tests up and down, with no clear direction.

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