Price is testing a key supply and demand level on the daily timeframe and has been moving correctively in a descending channel for a few weeks now. The market has now tested this area twice recently on the H4 timeframe and is showing signs of holding. If the market holds at this level, we could finally see a swing to the upside, breaking out of the descending...
Support Being Tested
Whilst the price of Bitcoin has not been doing much in the past two weeks, it now comes to an interesting level.
The medium-term trend on the higher time frame charts is higher with price in recent months making a strong move.
Price is now testing an important daily and 4 hour support level.
This level looks key if price is to continue the...
We discussed this market last week and the important intraday resistance level we were hunting short trades.
After selling off twice at this level, price is now once again looking to make another test.
Looking at the longer-term charts the trend is clearly lower and this level looks key.
This market is now attempting to make a reversal back higher and a break...
Similar to a lot of price action in many markets of late, this market has stalled below a key level.
Price on the daily chart in recent times has been in an up-trend, but it has not yet been able to break this major resistance level.
This level looks key and if it gives way it would pave the way for breakout trades and quick intraday breakout and retest trades.
I would love to see price break this small ascending trend line now that we have reached the key structure zone. I have illustrated what we could potentially expect next if we manage to breakout. If we manage to break the key structure zone we will be looking for buys into 0.93000 level.
77.2% of commercial players are long according to our COT Data source.
The price is now ranging between the 10900 and 11300 levels.
If the BTC manages to break the 11300 and close above it, we should see the price reaching 12000. However, if it fails most likely We could see the coin reaching 10350 again.
Key levels for this week -
- Going into this week looking for bearish continuation
- Any pullbacks towards key level will be used for new entries
Weekly forecast/Sunday analysis highlights the overall market trend with key levels to get an idea of the best targets in the upcoming week(s)! Projection of the market with technical analysis...
Key levels for week ahead
- Overall market is in bullish structure but due to choppy market (potentially nice consolidation for continuation) will just let market breathe and show clearer signal for new entries.
- If DXY analysis goes as planned this pair should do as well.