Hello BTC Watchers
The previous update on Bitcoin was on how we may expect the altcoin market to play out during the next few weeks. (Find it here):
Now, if we look at Bitcoin in the weekly timeframe, the price is trading right on top of a KEY support zone. Here, we can either see a dip - marking the start of the bearish cycle OR the price can maintain this level and perhaps even push towards a higher high. This will all depend on the SUPPORT ZONE, and if the weekly candle will close ABOVE or BELOW this zone.
This would be between these zones:
Interestingly enough, we've extended to a full 2.0 on the Fibonacci retracement level. This will be very helpful in determining major bounce zones during the bearish season:
The next week will be vital! Update to follow at the end on the week on the progress of Bitcoin.
The previous update on Bitcoin was on how we may expect the altcoin market to play out during the next few weeks. (Find it here):
Now, if we look at Bitcoin in the weekly timeframe, the price is trading right on top of a KEY support zone. Here, we can either see a dip - marking the start of the bearish cycle OR the price can maintain this level and perhaps even push towards a higher high. This will all depend on the SUPPORT ZONE, and if the weekly candle will close ABOVE or BELOW this zone.
This would be between these zones:
Interestingly enough, we've extended to a full 2.0 on the Fibonacci retracement level. This will be very helpful in determining major bounce zones during the bearish season:
The next week will be vital! Update to follow at the end on the week on the progress of Bitcoin.
Trade active
So far the daily is back above the support zone, but also only barely:Trade closed: target reached
4H: BTC is trading lower into the test zone. Just a reminder that it would be BEARISH to CLOSE the weekly in or under this zone:Note
Still trading inside the test zone and not under it, it's the new weekly candle and things are leaning towards the lower side but we this support zone will tell all:
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discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
Related publications
Disclaimer
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Discord Server
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.