Hello traders, here’s another breakdown of BTC : USD on a weekly and daily timeframe.
Starting off with the weekly timeframe you can see that this week’s candle is further confirming our analysis from last week - the bulls are not ready just yet.
You can see that the start of this week resulted with a rally to the 7000 level however throughout the week as we came closer to the Sunday’s candle closure the price reversed all the way back under the 6000 level. This whole movement resulted with an inverted hammer formation on the weekly. A failure to close above 6000 support now turned resistance - can be the catalyst of another push lower towards 4900-5000 level to re-test the weekly trend-line again.
On the daily time-frame you can easily tell the support and resistance levels that I’ve highlighted. The 6800 resistance immediately took us back to 6000 support which as you can see is the last barrier from going back to previous support of 5000.
If we manage to stay above 6000 - we stand a chance for another push higher however a re-test 5000 is very logical at this point.
Starting off with the weekly timeframe you can see that this week’s candle is further confirming our analysis from last week - the bulls are not ready just yet.
You can see that the start of this week resulted with a rally to the 7000 level however throughout the week as we came closer to the Sunday’s candle closure the price reversed all the way back under the 6000 level. This whole movement resulted with an inverted hammer formation on the weekly. A failure to close above 6000 support now turned resistance - can be the catalyst of another push lower towards 4900-5000 level to re-test the weekly trend-line again.
On the daily time-frame you can easily tell the support and resistance levels that I’ve highlighted. The 6800 resistance immediately took us back to 6000 support which as you can see is the last barrier from going back to previous support of 5000.
If we manage to stay above 6000 - we stand a chance for another push higher however a re-test 5000 is very logical at this point.
