Bitcoin: Weekly chart overview
BTC Weekly chart overview:
Consider that there are shorts trapped in the 3200-3500 levels, and some small bull divs showing: if we close above the golden pocket 0.618 downtrend resistance 4440 I will consider us out of the bear market in the short term.
Bull divs on the weekly:
Hidden bull divs on the 12HR:
And for the bear perspective: a close under 3150 level (200 MA on Weekly) and things will be looking very bad for bitcoin, If we closed under the 200 MA then look out for a test of previous support, flipped into resistance as confirmation of downtrend and prime short entry position.
If we do close under 200 MA and enter extreme bear market look for a strong bounce at one these orange levels.
Chart with the above information labelled:
Consider that there are shorts trapped in the 3200-3500 levels, and some small bull divs showing: if we close above the golden pocket 0.618 downtrend resistance 4440 I will consider us out of the bear market in the short term.
Bull divs on the weekly:
Hidden bull divs on the 12HR:
And for the bear perspective: a close under 3150 level (200 MA on Weekly) and things will be looking very bad for bitcoin, If we closed under the 200 MA then look out for a test of previous support, flipped into resistance as confirmation of downtrend and prime short entry position.
If we do close under 200 MA and enter extreme bear market look for a strong bounce at one these orange levels.
Chart with the above information labelled:
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