Bitcoin's market uncertainty rises as bulls and bears battles for supremacy. Shorts are very low at present, while longs seems to be piling up in this choppy zone.
On the higher time frame (weekly) the bias is still to the upside, as price has stayed above the previous low of $3270 with the recent candle opening right above the previous one. RSI remains flat, an indication that consolidation will likely continue, until the market decides which direction it's wants to move.
In this situation, we simply wait for a confirmation of market direction before making any decision. However, the following should be our possible reversal levels on higher time frame (weekly) based on which direction the market moves:
Resistance levels:
$4200
$4400-$4500
$5000
Support levels:
$3650
$3270
$yearly low.
A break below the yearly low, will send price straight to the next support level at 2370
Finally, in my previous post I did say the market is in wave 4 of the overall trend, and wave 4 comes with complex consolidation i.e high low and a higher high. We got our higher low at $3270, and i still believe we will see a higher high that will take price above the $4200 resistance area in coming weeks.
With longs piling up daily, I did expect more squeeze (price manipulation) to reduce or take out longs before we move up.
On the higher time frame (weekly) the bias is still to the upside, as price has stayed above the previous low of $3270 with the recent candle opening right above the previous one. RSI remains flat, an indication that consolidation will likely continue, until the market decides which direction it's wants to move.
In this situation, we simply wait for a confirmation of market direction before making any decision. However, the following should be our possible reversal levels on higher time frame (weekly) based on which direction the market moves:
Resistance levels:
$4200
$4400-$4500
$5000
Support levels:
$3650
$3270
$yearly low.
A break below the yearly low, will send price straight to the next support level at 2370
Finally, in my previous post I did say the market is in wave 4 of the overall trend, and wave 4 comes with complex consolidation i.e high low and a higher high. We got our higher low at $3270, and i still believe we will see a higher high that will take price above the $4200 resistance area in coming weeks.
With longs piling up daily, I did expect more squeeze (price manipulation) to reduce or take out longs before we move up.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.