Hello traders, here’s quick recap on BTC USD pair.
Starting off with the daily time-frame, as you can see that we’ve been moving in waves since taking off from the 3000 level we’ve been breaking resistance after resistance and forming new levels of support all the way up to 7000 resistance.As you can tell by the pattern, this week has been a bit different from the past weeks, as covered on the last analysis, after retesting the 6500 level last week Bitcoin did take off to the upside however it failed to break above the 7500 resistance - thus, indicating that the trend is exhausted and we could actually fall lower.
Apart from this, we also have broken and retested the trend-line on the daily time-frame that further suggest a short-term downside movement back to the support area of 6500.
Looking at the weekly time-frame, this is the 5th candle in the row that is failing to break above the 700/7100 resistance area. If this weeks candle fails to close above this area it looks like it will form a three pin formation, combining this with the last week’s candle that looks like a shooting star we could see a downside push. The red vertical line represents the date when BTC halving should take place so a downside push prior to this won’t really be a surprise.
Starting off with the daily time-frame, as you can see that we’ve been moving in waves since taking off from the 3000 level we’ve been breaking resistance after resistance and forming new levels of support all the way up to 7000 resistance.As you can tell by the pattern, this week has been a bit different from the past weeks, as covered on the last analysis, after retesting the 6500 level last week Bitcoin did take off to the upside however it failed to break above the 7500 resistance - thus, indicating that the trend is exhausted and we could actually fall lower.
Apart from this, we also have broken and retested the trend-line on the daily time-frame that further suggest a short-term downside movement back to the support area of 6500.
Looking at the weekly time-frame, this is the 5th candle in the row that is failing to break above the 700/7100 resistance area. If this weeks candle fails to close above this area it looks like it will form a three pin formation, combining this with the last week’s candle that looks like a shooting star we could see a downside push. The red vertical line represents the date when BTC halving should take place so a downside push prior to this won’t really be a surprise.
