Bitcoin Calm Before The Storm — Weekly Time-Frame Analysis
Using the bollinger bands indicator on the weekly time-frame for BTCUSD we see price is above the middle band (green line), which happens to be aligning with the support level we previously drew (first blue horizontal).
Price is about 15% away from breaking out of previous local highs, and the MACD is currently showing a negative sentiment.
On lower time-frames we see upwards price support so due to the MACD pressure we expect another week or two of flat prices, as the bollinger bands continue to squeeze together a bit more, leading to that 15% gain and strong breakout to the upside.
But of course, anything can happen, so we remain vigilant.
Start optimising your own strategy ideas using full backtesting with SparksterSignals. Follow the link below.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Price is about 15% away from breaking out of previous local highs, and the MACD is currently showing a negative sentiment.
On lower time-frames we see upwards price support so due to the MACD pressure we expect another week or two of flat prices, as the bollinger bands continue to squeeze together a bit more, leading to that 15% gain and strong breakout to the upside.
But of course, anything can happen, so we remain vigilant.
Start optimising your own strategy ideas using full backtesting with SparksterSignals. Follow the link below.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
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