Bullish or bearish - 21 day before the halving
Updated
This review is continuation of previous topic. Since no one read old reviews, decided to create a new one.
CME Futures gap closed. Its not a bearish signal, but one of reasons to push price higher now is gone.
Bitcoin above ~6100-6130 support. This can be a starting point both for bullish or bearish move. If you check week TF, price was trying to break ~7300-7400 resistance for 3 weeks in a row, and so far failed. Same period that is left till halving. While the big trend seem to be bullish, I expect price to roll back couple of SR levels, probably below 7k, before it receives enough liquidity for another bullish breakout. This theory will be invalidated if price grow above 7300.
Resistance: 7170 - 7220 - 7300 - 7475
Support: 7030 - 6960 - 6900 - 6775
Couple of charts I find interesting and helpful for analysis.
1) Week line chart show price is under important resistance level, with slowing bullish momentum.
Same line chart but at 4H timeframe
And same timeframe, but with exponential moving averages only - this shows the trend very clear.
CME Futures gap closed. Its not a bearish signal, but one of reasons to push price higher now is gone.
Bitcoin above ~6100-6130 support. This can be a starting point both for bullish or bearish move. If you check week TF, price was trying to break ~7300-7400 resistance for 3 weeks in a row, and so far failed. Same period that is left till halving. While the big trend seem to be bullish, I expect price to roll back couple of SR levels, probably below 7k, before it receives enough liquidity for another bullish breakout. This theory will be invalidated if price grow above 7300.
Resistance: 7170 - 7220 - 7300 - 7475
Support: 7030 - 6960 - 6900 - 6775
Couple of charts I find interesting and helpful for analysis.
1) Week line chart show price is under important resistance level, with slowing bullish momentum.
Same line chart but at 4H timeframe
And same timeframe, but with exponential moving averages only - this shows the trend very clear.
Comment
Found mistype in the very beginning. Obviously I meant 7100 support, not 6100 =)Comment
Yesterday Bitcoin daily review forecast was so perfect, it makes excessive to add anything else. Add only short term notes here.
SR 6900-6960 should push price back down. If bounce from 6777 again, possible pump to ~7000. If won't will fall lower to ~6600. And 6400 is the last bullish support. Falling lower will start huge dump.
Trade closed: target reached
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