Bitcoin Weekly Price Action - 20/03/2020
Of course, it all depends on this weekly close.
But, for now, if it closes like this, I've got a neutral bias towards it.
While it shows strength - clean cut through an important resistance cluster (5600-6000), possibly shifting the market structure from bearish to bullish, with long wicks downwards singling strong demand at lower prices, this might just be a relief rally / bearish retest before things start going south again.
I'll change my bias to bullish if either we keep on moving and close above $7000, or retest the $6000 area successfully.
I'll change my bias to bearish if we close under $6000.
Until either happens, I'll remain neutral.
Of course, current macro scenario has big influence on this view - caution is needed. In normal times, I'd probably be bullish right now.
But, for now, if it closes like this, I've got a neutral bias towards it.
While it shows strength - clean cut through an important resistance cluster (5600-6000), possibly shifting the market structure from bearish to bullish, with long wicks downwards singling strong demand at lower prices, this might just be a relief rally / bearish retest before things start going south again.
I'll change my bias to bullish if either we keep on moving and close above $7000, or retest the $6000 area successfully.
I'll change my bias to bearish if we close under $6000.
Until either happens, I'll remain neutral.
Of course, current macro scenario has big influence on this view - caution is needed. In normal times, I'd probably be bullish right now.
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.