Bitcoin: Upcoming bullish week?

Bitcoin struggles to move the pivot to 6800 USD. After three failed attempts, the buyers are once again trying to break the resistance. 

 

Bitcoin

Highlight Keys

  • Range
  • MA100
  • Pivot 
  • Compression figure output

 

Buyers must break the pivot at 6800 USD to fetch the resistance at 7200 USD.

Our analysis are entirely done on Binance charts

Pressure is increasing on the pivot at 6800 USD. Buyers are trying to break the resistance and could do it in the next few hours. Indeed, the bottom uptrend is still intact, we have just left our compression pattern and the signals on our indicators are still bullish. The beginning of the week will be crucial, Bitcoin must stay above the newly formed support at 6600 USD. If the sellers manage to break the support, it will be expected a return downward to 6000 USD. For now, the trend is still very uncertain, we are still in the range between 6000 and 6800 USD. Although the pressure is bullish, the move will not be confirmed until buyers close in daily above the pivot at 6800 USD. 

How to take position?

We are still waiting for the pivot at 6600-6800 USD to be broken to resume position. Buyers seem in a good position. 

Should we expect a new correction? 

For now, the underlying trend is bullish. However, in case of a return under support at 6600 USD, a correction will be possible. 

 

 

Key Levels: 

  • Essential ressistances:   6800 – 7200 – 7800
  • Essentials supports :  6600 – 6000

 

 

 

 

 

 


Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.

It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!

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