Bitcoin - BTC @ ULTIMATE Support Zone OR $12K
Hi Traders, Investors and Speculators
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
I hope you're having a great weekend so far! One thing that comes with weekends, is volatility and the BTC Weekly candle close. I often look at the candlestick analysis of the weekly before the close on a Sunday, because this shows the strength of the price action and and cancels out the noise from lower timeframes. Currently we have 14hours left until the weekly candle for Bitcoin closes. From a macro perspective, we can see that the the price is trading right at the ATH of the first ever parabolic bullrun back in December 2017.
We also see HIGH volume at this zone, indicating how the bulls and bears are defending this demand zone and supply zone. In fact, it is the highest volume EVER witnessed on this exchange (Binance) and most likely will be the same across other DEX:
The fact that the price has been trading on top of this support zone for an extended period of time is bearish, since the support zone becomes WEAKER the more time it is touched. From a pure technical, chart analysis it is the most likely the the support zone will break soon. The next major support zone / whale accumulation zone is only around $12K. HOWEVER, we have been surprised by BTC multiple times before and therefore it is the safest to trade REACTIVE to the price action instead of PREDICTIVE at this point.
If the weekly CLOSES UNDERNEATH this support, and the next two DAILY's also closes underneath, $12K is likely the next stop. Often we see bullish price action on Mondays and Tuesday's, so trading with leverage on this trend line may be very risky.
In the event that we close the weekly UNDER the support but the the next two daily's are ABOVE, more range trading / sideways seems the most probable.
‼ Remember to be patient and let the trade come to you. No need to force a trade and increase your risk exponentially.
_______________________
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We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
I hope you're having a great weekend so far! One thing that comes with weekends, is volatility and the BTC Weekly candle close. I often look at the candlestick analysis of the weekly before the close on a Sunday, because this shows the strength of the price action and and cancels out the noise from lower timeframes. Currently we have 14hours left until the weekly candle for Bitcoin closes. From a macro perspective, we can see that the the price is trading right at the ATH of the first ever parabolic bullrun back in December 2017.
We also see HIGH volume at this zone, indicating how the bulls and bears are defending this demand zone and supply zone. In fact, it is the highest volume EVER witnessed on this exchange (Binance) and most likely will be the same across other DEX:
The fact that the price has been trading on top of this support zone for an extended period of time is bearish, since the support zone becomes WEAKER the more time it is touched. From a pure technical, chart analysis it is the most likely the the support zone will break soon. The next major support zone / whale accumulation zone is only around $12K. HOWEVER, we have been surprised by BTC multiple times before and therefore it is the safest to trade REACTIVE to the price action instead of PREDICTIVE at this point.
If the weekly CLOSES UNDERNEATH this support, and the next two DAILY's also closes underneath, $12K is likely the next stop. Often we see bullish price action on Mondays and Tuesday's, so trading with leverage on this trend line may be very risky.
In the event that we close the weekly UNDER the support but the the next two daily's are ABOVE, more range trading / sideways seems the most probable.
‼ Remember to be patient and let the trade come to you. No need to force a trade and increase your risk exponentially.
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍
We thank you for your support !
CryptoCheck
