Current Bitcoin Thoughts
Current Bitcoin Thoughts
Well,
The previous week, bitcoin dropped to $6500 breaking down the weekly main support at $7400-$7500.
This is exactly what I meant in my previous thread.
Bitcoin showed a quick bounce just after losing weekly support and currently trading at $7282 (atm I am writing this thread)
It is common for crypto market to make its highs early on after weekly candle close to confirm the broken support as resistance.
I still have strong arguments for the bearish retest here, however, its a nice bounce but I am not convinced yet for a trend reversal.
The only scenario that can change my mind is the current weekly close above $7500 that can make me to think little bit bullish but we have strong resistances above as well at $8000, $8800, $9500.
If you have any query regarding this, feel free to add me on IM
The previous week, bitcoin dropped to $6500 breaking down the weekly main support at $7400-$7500.
This is exactly what I meant in my previous thread.
Bitcoin showed a quick bounce just after losing weekly support and currently trading at $7282 (atm I am writing this thread)
It is common for crypto market to make its highs early on after weekly candle close to confirm the broken support as resistance.
I still have strong arguments for the bearish retest here, however, its a nice bounce but I am not convinced yet for a trend reversal.
The only scenario that can change my mind is the current weekly close above $7500 that can make me to think little bit bullish but we have strong resistances above as well at $8000, $8800, $9500.
If you have any query regarding this, feel free to add me on IM
![GOD[RaZoR]](/forum/customavatars/thumbs/avatar2294457_3.gif){kind=avatar}
