Weekly candlestick on the bitcoin is looking not interesting as the close has left a lot of doubt on the market especially the confidence of the majority traders.
The reason is because of the latest weekly candlestick close which we see a wick to the upside rejecting the 200 MA as the claiming support. We did see the price tried to break above the 200 MA as the dynamic resistance but at the latest days before close, we see a huge bearish pressure and forming a wick.
We can't anticipate both bullish and bearish bias which current structure is still in the consolidation structure which both bulls and bears are in the similar strength level.
We might wait for another weekly candlestick closes to identify the clear bias on the market.
The reason is because of the latest weekly candlestick close which we see a wick to the upside rejecting the 200 MA as the claiming support. We did see the price tried to break above the 200 MA as the dynamic resistance but at the latest days before close, we see a huge bearish pressure and forming a wick.
We can't anticipate both bullish and bearish bias which current structure is still in the consolidation structure which both bulls and bears are in the similar strength level.
We might wait for another weekly candlestick closes to identify the clear bias on the market.
