Hello traders, I hope you're having a great start of the week.
In terms of trading we left behind a great profitable week if you managed to get involved into the last weeks trade analysis we posted here.
Starting up this new week it looks like we finally had a major move and a break of resistance on the BTC:USD. After weeks of moving back and forth in between a zone as you can tell on the weekly time-frame BTC has finally managed to break above this zone. Keep in mind that it is important for this weeks candle closure to close above the stated level since we never managed to close above upon break out in the past.
From the weekly perspective although its still early to clearly predict whether or not we would maintain this momentum, as it is Monday and much can happen until the Sunday's weekly closure we will keep monitoring our initial targets.
First and foremost being the 13500 - 14000 zone marked with the blue rectangle. As covered on prior analysis this is the area which kick-started the 2018 bear trend, it correlates with the monthly level of resistance, and as you can see from the weekly time frame we had multiple spikes on the June - July upside run but we did not even manage to close anywhere close to this zone as price immediately reversed back down. This level for me is the most important one on the weekly as it can basically make or break us, a breach above this level will do wonders.
Taking it down to the daily time-frame, after breaking above the 11000 level of resistance, we are now approaching the 12000 which also appears to be an important level which needs to be taken into consideration. If BTC shows weakness we could see a retest of the prior resistance near 11000. A break above this level will take us to 13,000- 12,500 which is our first short term target on the daily time-frame.
In terms of trading we left behind a great profitable week if you managed to get involved into the last weeks trade analysis we posted here.
Starting up this new week it looks like we finally had a major move and a break of resistance on the BTC:USD. After weeks of moving back and forth in between a zone as you can tell on the weekly time-frame BTC has finally managed to break above this zone. Keep in mind that it is important for this weeks candle closure to close above the stated level since we never managed to close above upon break out in the past.
From the weekly perspective although its still early to clearly predict whether or not we would maintain this momentum, as it is Monday and much can happen until the Sunday's weekly closure we will keep monitoring our initial targets.
First and foremost being the 13500 - 14000 zone marked with the blue rectangle. As covered on prior analysis this is the area which kick-started the 2018 bear trend, it correlates with the monthly level of resistance, and as you can see from the weekly time frame we had multiple spikes on the June - July upside run but we did not even manage to close anywhere close to this zone as price immediately reversed back down. This level for me is the most important one on the weekly as it can basically make or break us, a breach above this level will do wonders.
Taking it down to the daily time-frame, after breaking above the 11000 level of resistance, we are now approaching the 12000 which also appears to be an important level which needs to be taken into consideration. If BTC shows weakness we could see a retest of the prior resistance near 11000. A break above this level will take us to 13,000- 12,500 which is our first short term target on the daily time-frame.
