Hello.
Here’s a quick recap on BTC USD on weekly and daily time frame.
First things first it looks it like our last week’s analysis was on point, we have indeed reversed back to the 6500 level, to retest that previous support before continuing the upside trend.
On the daily time-frame you can see that we’ve finally broken the previous higher-high located at 7600 and we are now headed towards the next level of resistance at around 7800, that we failed to break.
Judging by the current trend, after each resistance we’ve came back to re-test the previous support. Thus, in the upcoming week we should be, reversing back to re-test the 7000 support and probably re-test the trend-line, before continuing the uptrend.
The candle that broke above the previous resistance ( highlighted with the green rectangle) will be our main concern for the upcoming week, it’s so important for BTC to overtake the breakout candle, closure above that wick would easily take us to 8000-8200 level.
There’s nothing much to say for the weekly time-frame, as BTC is continuously moving higher, making 6 green candles in a row. The only concern for this week’s candle is to close above the 7600 wick (black line). As mentioned that correlates with the previous higher high on the daily, so overtaking that wick on the weekly would mean that the bulls are still in control of the market.
Here’s a quick recap on BTC USD on weekly and daily time frame.
First things first it looks it like our last week’s analysis was on point, we have indeed reversed back to the 6500 level, to retest that previous support before continuing the upside trend.
On the daily time-frame you can see that we’ve finally broken the previous higher-high located at 7600 and we are now headed towards the next level of resistance at around 7800, that we failed to break.
Judging by the current trend, after each resistance we’ve came back to re-test the previous support. Thus, in the upcoming week we should be, reversing back to re-test the 7000 support and probably re-test the trend-line, before continuing the uptrend.
The candle that broke above the previous resistance ( highlighted with the green rectangle) will be our main concern for the upcoming week, it’s so important for BTC to overtake the breakout candle, closure above that wick would easily take us to 8000-8200 level.
There’s nothing much to say for the weekly time-frame, as BTC is continuously moving higher, making 6 green candles in a row. The only concern for this week’s candle is to close above the 7600 wick (black line). As mentioned that correlates with the previous higher high on the daily, so overtaking that wick on the weekly would mean that the bulls are still in control of the market.
