Sunday Updates - A Corrective Week
Today I'm not going to come up with a long post, just because I don't feel it's needed. As I just said, BTC touched 45k before retracing down to 42k, and trend seems to be weakening. We still haven't touched our yearly VWAP (the one that I mentioned in my previous post too) so I think next week's price action won't be anything but just a consolidation of current price (40-43k).
If this happens, I would expect a bullish breakout by the end of the week and expect a higher high.
If we break below 40k, I would expect to see a strong rejection from around 38k and then go back above the yearly VWAP.
If this happens, I would expect a bullish breakout by the end of the week and expect a higher high.
If we break below 40k, I would expect to see a strong rejection from around 38k and then go back above the yearly VWAP.
Comment:
As you see, we clearly broke the low volume node I drew on the chart. I’ll post an update later to explain why a bullish case scenario would bring us to 46-47k. Stay tuned!
Comment:
And we broke below 40k.