BTCUSD (Bitcoin / USD) – Price and Volume Contraction On Weekly Chart Continue to Reflect BearishnessBitcoin (
BTCUSD) posted a substantial gain of of +5.38% for the week, successfully reclaiming three of its key moving averages during week (10, 20, and 50-day moving averages).BTCUSD’s Bearish Pennant pattern is violated but with price consolidation and volume contraction remaining in its weekly chart, a longer term Bearish Flag channel is now morphed out, prompting the risk of a a further accelerated sell off in near term remains.The level of support to watch for
BTCUSD this week is revised up to $18,800, a level that undercuts the existing three key moving average that was recaptured.Bull Case: Violation of existing Bearish Flag channel at $22,000.
Bear Case: Breakdown of $18,800, a level that undercuts the existing three key moving average that was recaptured. Next support level at $18,157.
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