Hello, traders and investors here’s another breakdown of BTC: USD on a weekly time-frame.
Starting it with a small recap, the previous weekly candle took us from the likes of $8000 all the way down to $4000. The market is currently moving in sync with our previous analysis, if you checked them you already know that we’ve been waiting for weeks for a retest of the $5000 level sitting just above the weekly trendline - and the market did just that.
Now, looking to this week’s candle we anticipated huge indecision between the bulls and the bears. Bitcoin has been in a rollercoaster between 4000 and 7000 levels.
A crucial level to keep an eye on during these times is the $6000 and the 6600 support turned resistance, even though we managed to break above these levels we did not manage to close, which would have been a significant bullish sign. BTC immediately retraced back below 6000 where it’s currently traded and that could mean that the bulls are not ready yet so another push lower to 4500 - 5000 is highly possible.
Starting it with a small recap, the previous weekly candle took us from the likes of $8000 all the way down to $4000. The market is currently moving in sync with our previous analysis, if you checked them you already know that we’ve been waiting for weeks for a retest of the $5000 level sitting just above the weekly trendline - and the market did just that.
Now, looking to this week’s candle we anticipated huge indecision between the bulls and the bears. Bitcoin has been in a rollercoaster between 4000 and 7000 levels.
A crucial level to keep an eye on during these times is the $6000 and the 6600 support turned resistance, even though we managed to break above these levels we did not manage to close, which would have been a significant bullish sign. BTC immediately retraced back below 6000 where it’s currently traded and that could mean that the bulls are not ready yet so another push lower to 4500 - 5000 is highly possible.
