Bitcoin, The Elephant in the room. Where we heading.
Short/Long Term Outlook on $BTCUSD
On the short term we could see the current retracement flag out to break up to the 10200-10350 area which would roughly touch our 50DMA as well, this is where we will likely continue down.
On the daily we are currently trading within the range go 10900 and 9200, well below the overhead resistance at $11,000.
The main focus this week is on our weekly chart, after ranging for 2 weeks, we printed a nice bearish candle on our weekly close which is the the follow up candle of the strong rejection we had in the 11300-11500 which we failed to close above for 6 weeks straight, on this level we also have the 50% retracement from our ATH at 20k as well as the broken ascending trend line which we have seen rejection on two occasions within the past 2 weeks . This was a very critical level that could of changed the “bigger picture” from bearish to bullish, however, it did not happen, the price got rejected, time after time, so let’s not forget how important that level was. I will be looking for this weekly candle to retrace completely and turn bearish. If bitcoin fails to close above the all important resistance mentioned above, IT WILL drop sub 8k, let me make this as clear as possible, there will be no interest from buyers up until 7800 at the least.
On the short term we could see the current retracement flag out to break up to the 10200-10350 area which would roughly touch our 50DMA as well, this is where we will likely continue down.
On the daily we are currently trading within the range go 10900 and 9200, well below the overhead resistance at $11,000.
The main focus this week is on our weekly chart, after ranging for 2 weeks, we printed a nice bearish candle on our weekly close which is the the follow up candle of the strong rejection we had in the 11300-11500 which we failed to close above for 6 weeks straight, on this level we also have the 50% retracement from our ATH at 20k as well as the broken ascending trend line which we have seen rejection on two occasions within the past 2 weeks . This was a very critical level that could of changed the “bigger picture” from bearish to bullish, however, it did not happen, the price got rejected, time after time, so let’s not forget how important that level was. I will be looking for this weekly candle to retrace completely and turn bearish. If bitcoin fails to close above the all important resistance mentioned above, IT WILL drop sub 8k, let me make this as clear as possible, there will be no interest from buyers up until 7800 at the least.
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