Weekly chart shows indecision - NOT the best time to trade
Thanks for all your support to my last idea. My post may not have a lot of views but because of your LIKES my posts were able to be on the first page of TradingView most of the times. So, once again, appreciated.
I promised that I will give more frequent updates, so there you are. Although it's not the best time to trade due to the price is at a critical level where bulls and bears are yet to make a decisive move, I felt that I should still give you an update (especially for those who get anxious without placing a trade). Why it's a critical level? Because $6885 (weekly 0.65 fib) is bulls' last stand before falling to $6k or below, while the bears are still holding the $7800 weekly resistance nicely.
Weekly chart shows why it's not the best time to trade:
Above you can see both scenarios for long and short. If you are a short-term trader, you want to focus on shorting the $7700-7800 area as the short term trend is down. On the other hand, if you are a mid-long term trader, you want to see if $6880 area holds and possibly take profits at $7700 and possibly higher.
Bitcoin is clearly in a consolidation stage, and if you REALLY want to trade, you have to trade based on consolidation pattern and see if either side can possibly break.
This is for educational purpose only, not an advice to sell/buy. Please do your own research.
Taiwan Bear
I promised that I will give more frequent updates, so there you are. Although it's not the best time to trade due to the price is at a critical level where bulls and bears are yet to make a decisive move, I felt that I should still give you an update (especially for those who get anxious without placing a trade). Why it's a critical level? Because $6885 (weekly 0.65 fib) is bulls' last stand before falling to $6k or below, while the bears are still holding the $7800 weekly resistance nicely.
Weekly chart shows why it's not the best time to trade:
Above you can see both scenarios for long and short. If you are a short-term trader, you want to focus on shorting the $7700-7800 area as the short term trend is down. On the other hand, if you are a mid-long term trader, you want to see if $6880 area holds and possibly take profits at $7700 and possibly higher.
Bitcoin is clearly in a consolidation stage, and if you REALLY want to trade, you have to trade based on consolidation pattern and see if either side can possibly break.
This is for educational purpose only, not an advice to sell/buy. Please do your own research.
Taiwan Bear
Comment:
First target for sellers hit! Please take some profits.
Comment:
Second target hit for sellers! Good to move SL to $7130.
