Bitcoin Weekly Close RED - whats next ?
The Bitcoin weekly candle closed red after the Bulls did try and push it to Green with some late trading - Even though they failed, it does show that Bitcoin really is 24 / 7 and things can happen at anytime. ALWAYS have safeguards in place
The week has also opened on a small red candle, so, whats in store ?
PA is now sitting on the 1.236 Fib line which should act as good support and there is strong support just below should it be challenged.
PA is also above the longer term diagonal resistance that came off the ATH, broken for the first time a few weeks ago and the fact that the Bears have failed to get PA back below shows a bright future, and there is little doubt that the Bears would like to see it below, a LONG way below.
We are still in the Long Term ascending channel and the sensible target for PA is the upper trendline at about £32K - As and when we reach that point, we would have to see whats possible, though, in honesty, I would expect to range just above it while PA cools off as the effort to get it there will make longer term MACD & RSI very overbought
Possibly one of the most Bullish signs on this weekly chart is that the MAYER MULTIPLE is back above. This, historically, has bee a sign that Bulls intend to reach higher and while its a lagging indicator, it shows strength. Look at the 2020 period, The line went above and continued to bounce till we reached ATH.
Looking ahead, PA could come back down to test new lines of support, maybe as low as that dashed diagonal line, but I doubt it
I think we Will range around the current area, Bulls providing support.
A push higher is possible though I would doubt it to be a large one, more a blip on the larger time frames
Bitcoin has been linked with DOW, S&P, GOLD and others, all depending on which goes up and down with BTC PA and to some extents, it is true, BTC PA does move with other markets, just not always the same one - But 99.9% of the Time, BTC will react in the opposite direction to the DXY
THAT is the one to watch and there can be little doubt that The DXY is not finished yet. The FED ( The DXY support group), which is NOT a Governmental organisation but more a group of 12 private bankers, TELLING government what it has decided to do.
They do not like Crypto in general but have begun to realise that they cannot beat it now. But they WILL continue to try and hurt it. Business is Business
So watch DXY like a Hawk.
stay safe and have a good Week everyone.
The week has also opened on a small red candle, so, whats in store ?
PA is now sitting on the 1.236 Fib line which should act as good support and there is strong support just below should it be challenged.
PA is also above the longer term diagonal resistance that came off the ATH, broken for the first time a few weeks ago and the fact that the Bears have failed to get PA back below shows a bright future, and there is little doubt that the Bears would like to see it below, a LONG way below.
We are still in the Long Term ascending channel and the sensible target for PA is the upper trendline at about £32K - As and when we reach that point, we would have to see whats possible, though, in honesty, I would expect to range just above it while PA cools off as the effort to get it there will make longer term MACD & RSI very overbought
Possibly one of the most Bullish signs on this weekly chart is that the MAYER MULTIPLE is back above. This, historically, has bee a sign that Bulls intend to reach higher and while its a lagging indicator, it shows strength. Look at the 2020 period, The line went above and continued to bounce till we reached ATH.
Looking ahead, PA could come back down to test new lines of support, maybe as low as that dashed diagonal line, but I doubt it
I think we Will range around the current area, Bulls providing support.
A push higher is possible though I would doubt it to be a large one, more a blip on the larger time frames
Bitcoin has been linked with DOW, S&P, GOLD and others, all depending on which goes up and down with BTC PA and to some extents, it is true, BTC PA does move with other markets, just not always the same one - But 99.9% of the Time, BTC will react in the opposite direction to the DXY
THAT is the one to watch and there can be little doubt that The DXY is not finished yet. The FED ( The DXY support group), which is NOT a Governmental organisation but more a group of 12 private bankers, TELLING government what it has decided to do.
They do not like Crypto in general but have begun to realise that they cannot beat it now. But they WILL continue to try and hurt it. Business is Business
So watch DXY like a Hawk.
stay safe and have a good Week everyone.
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