Bitcoin finding the gains harder each time think we are going to be in for a long ride to see it reach the highs of old.View attachment 286913
View attachment 286914
Well, another not so good week for Bitcoin for now but let`s see the bigger picture (in chart 2).
Ascending channel/trend broken (chart1)
Last week I was talking about an ascending channel/trend but at Wednesday it was broken down and now seems like it`s down line is acting like a resistance for the price. Let`s see how it will continue forward.
3 months chart (chart 2)
Now that`s may be the more important chart. Like you`ll see from the chart, every time when we close a 3 month candle above the descending trend line from the last ATH, the run for the next ATH is starting. Well we`re 32 days away from the close of the actual candle so we can only cross fingers to close it above. Don`t know about you but i`ll keep an eye on this chart for sure.
Actual PA situation:
That`s all for now.
- Support and resistance:
- 1st support - $10500 – last MAJOR resistance.
- 2nd support - $9000 – also very important due to 3 month chart.
- 1st resistance - $12100-12500 – almost the last bigger resistance before the clear skies, accordingly to VPVR. You saw where we stopped this week – exactly at $12500.
- 2nd resistance - $14000 – the last resistance before the 20K test I can say (the last top + VPVR). Somewhere between 1st and 2nd resistance is $10K, which can act as a support too cuz of the psychological level.
- 10 EMA – the price is still above it even without a touch of it.
- 21 EMA - the price is still above it even without a touch of it.
- Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
- Parabolic SAR – Another bullish week and there`s 18 weeks bullish signaling (despite this week`s red candle for now).
- Weekly pivot point is $11828,22.
See ya next time.