Lets have a look at BTC-USD weekly chart.
BTC has been on the rampage, It broke through resistance levels like a knife through butter.
Bear are doing good thing by not coming in-front of this FOMO driven train. After yesterdays Daily close BELOW previous high of 9111$, I think the bull pressure behind BTC parabolic move might slow down. Although I am not counting on it as I feel that BEARs are hesitant and BULLs can take over.
Here are my reasons, why I am not counting on Bears,
Bearish arguments:
1) We see drop in the volume (Note: In consolidation range volume is usually lower, hence it is not a sure confirmation of loss of bull trend) however for me the drop in green volume is important,
2) RSI on weekly is overextended and IF BTC dose not make high this week it *MIGHT* set up for a bearish divergence (Note: This is a weekly TF, even if BTC have bearish div it can easily pump 1000s of $ before coming into play, just look at the 2017 run to 20000$),
3) The Stochs are comfortable in the overbought zone since months and the cross on stochs did not result in the massive dump many were looking for,
4) BTC had a Doji candle with follow through on down side, however BTC just closed this week with a massive bullish engulfing,
With all this going for bears they were not able to stop BTC from rising, this shows bears are still hesitant and bulls are ready to take over.
Bullish arguments:
1) After the break of 8500$, BTC have no major resistance till 10000-11500$
2) FOMO is very strong (driven by several news in past few days)
Taken together, I don't see BTC having major reversal until it hits 10000-11500$ zone, I hope bears will make their move here.
My buy for long-term hodling is set at 5870-5420-5000 zone. Till then I am happy to long play it, I don't see any reversal signs as of now.
BTC has been on the rampage, It broke through resistance levels like a knife through butter.
Bear are doing good thing by not coming in-front of this FOMO driven train. After yesterdays Daily close BELOW previous high of 9111$, I think the bull pressure behind BTC parabolic move might slow down. Although I am not counting on it as I feel that BEARs are hesitant and BULLs can take over.
Here are my reasons, why I am not counting on Bears,
Bearish arguments:
1) We see drop in the volume (Note: In consolidation range volume is usually lower, hence it is not a sure confirmation of loss of bull trend) however for me the drop in green volume is important,
2) RSI on weekly is overextended and IF BTC dose not make high this week it *MIGHT* set up for a bearish divergence (Note: This is a weekly TF, even if BTC have bearish div it can easily pump 1000s of $ before coming into play, just look at the 2017 run to 20000$),
3) The Stochs are comfortable in the overbought zone since months and the cross on stochs did not result in the massive dump many were looking for,
4) BTC had a Doji candle with follow through on down side, however BTC just closed this week with a massive bullish engulfing,
With all this going for bears they were not able to stop BTC from rising, this shows bears are still hesitant and bulls are ready to take over.
Bullish arguments:
1) After the break of 8500$, BTC have no major resistance till 10000-11500$
2) FOMO is very strong (driven by several news in past few days)
Taken together, I don't see BTC having major reversal until it hits 10000-11500$ zone, I hope bears will make their move here.
My buy for long-term hodling is set at 5870-5420-5000 zone. Till then I am happy to long play it, I don't see any reversal signs as of now.
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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.
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.