Hi and welcome to my analysis of Bitcoin on weekly chart!
My main 3 factors to focus on analyzing this chart will be: Ichimoku cloud, MACD and EMA 50 & 100.
Starting with Ichi - on weekly we are currently trading just above the cloud, which is in fact bullish, but looking closely at candles, we see they are barely making their stay above the cloud. If we brake back into the cloud the sentiment might quickly change to bearish stance. Even now, price action touching weekly cloud doesn't give much confidence in bull run.
MACD seems to be still growing nicely, there is a little bit of alarm coming with blue line losing momentum and slightly closing in to orange line - when they cross it means there is definite change in trend. (speaking in weekly chart, the trend is really macro perspective here, so MACD might not be the best choice of an indicator)
Looking at EMAs - price is trading way above and we still have some space before they will act as proper supports. 50 weekly EMA is still above 100 EMA, which tells us for now we're still in uptrend. We can see re-trace of price down to supports at 9100, 8800 and 8700 respectively.
8800 level is where we have lots of support overall, if this line holds we can see continuation of uptrend and a nice bull run.
But since current bull run was lasting for 3 months already some reversal downwards would be welcome and healthy for trading balance :)
There's also a matter of this last candle forming - we're one day away from closing it and it's a really nice example of Doji candle - which usually signifies trend reversal. For me there are a lot of indicators showing us we're likely to storm down. If you're trading BTC right now - keep your stops tight, as we never really can predict BTC movement.
My main 3 factors to focus on analyzing this chart will be: Ichimoku cloud, MACD and EMA 50 & 100.
Starting with Ichi - on weekly we are currently trading just above the cloud, which is in fact bullish, but looking closely at candles, we see they are barely making their stay above the cloud. If we brake back into the cloud the sentiment might quickly change to bearish stance. Even now, price action touching weekly cloud doesn't give much confidence in bull run.
MACD seems to be still growing nicely, there is a little bit of alarm coming with blue line losing momentum and slightly closing in to orange line - when they cross it means there is definite change in trend. (speaking in weekly chart, the trend is really macro perspective here, so MACD might not be the best choice of an indicator)
Looking at EMAs - price is trading way above and we still have some space before they will act as proper supports. 50 weekly EMA is still above 100 EMA, which tells us for now we're still in uptrend. We can see re-trace of price down to supports at 9100, 8800 and 8700 respectively.
8800 level is where we have lots of support overall, if this line holds we can see continuation of uptrend and a nice bull run.
But since current bull run was lasting for 3 months already some reversal downwards would be welcome and healthy for trading balance :)
There's also a matter of this last candle forming - we're one day away from closing it and it's a really nice example of Doji candle - which usually signifies trend reversal. For me there are a lot of indicators showing us we're likely to storm down. If you're trading BTC right now - keep your stops tight, as we never really can predict BTC movement.