Looking on the Bitcoin weekly chart, we can spot indicators, that tell us more about the current market situation.
First of all there is a falling resistance line, that connects the ATH and the Lower High from the 24th June.
The price was rejected and the bulls didn´t have enough power to continue with their rise.
After several months of consolidation, the bears attacked the positions of the bulls and moved the price beyond the 30 EMA line.
It was confirmed by a long body candle and a strong bearish volume.
At the current moment the forces are in balance and a Souther Doji candle appeared on the chart.
The meaning of this candle is less important and i don´t think, that the bulls will have the power to move up again.
We are in the range between 8552 USD and 7754 USD, probably we will remain in this range for a while.
The probability of a drop is high.
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First of all there is a falling resistance line, that connects the ATH and the Lower High from the 24th June.
The price was rejected and the bulls didn´t have enough power to continue with their rise.
After several months of consolidation, the bears attacked the positions of the bulls and moved the price beyond the 30 EMA line.
It was confirmed by a long body candle and a strong bearish volume.
At the current moment the forces are in balance and a Souther Doji candle appeared on the chart.
The meaning of this candle is less important and i don´t think, that the bulls will have the power to move up again.
We are in the range between 8552 USD and 7754 USD, probably we will remain in this range for a while.
The probability of a drop is high.
If you found this post helpful, like, comment, and subscribe!
Telegram Signals
t.me/NextLevelCrypto