Bitcoin - next few days will be important - sell on 1W
Dear traders and followers,
the Bitcoin price reached the upper triangle trend line in relation to correction movement from strong resistance at 12400 $.
Next few days will be important for the further price movement. We can see two possible movements:
Nr.1 : The weekly candle close under the triangle trend line --> a strong sell out within next weeks has to be expected with first target near 7500 $
Nr. 2: The current weekly and monthly candle close above 10700 $ --> expect buyers entering the market and the beginning of the next up wave to 13500 $
The RSI indicator moves within a triangle pattern as well and retraced from the upper triangle trend line. Expect buyers entering the market when the RSI baseline reaches 35 area near the lower trend line
The price touched the Bollinger Bands middle line. Expect strong sellers entering the market as soon the price close under the middle line on weekly chart
The buy volume was pretty low in the last 2 weeks and now started sell volume to grow. The volume in generell is pretty low so we can expect incoming volatility in the next weeks.
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the Bitcoin price reached the upper triangle trend line in relation to correction movement from strong resistance at 12400 $.
Next few days will be important for the further price movement. We can see two possible movements:
Nr.1 : The weekly candle close under the triangle trend line --> a strong sell out within next weeks has to be expected with first target near 7500 $
Nr. 2: The current weekly and monthly candle close above 10700 $ --> expect buyers entering the market and the beginning of the next up wave to 13500 $
The RSI indicator moves within a triangle pattern as well and retraced from the upper triangle trend line. Expect buyers entering the market when the RSI baseline reaches 35 area near the lower trend line
The price touched the Bollinger Bands middle line. Expect strong sellers entering the market as soon the price close under the middle line on weekly chart
The buy volume was pretty low in the last 2 weeks and now started sell volume to grow. The volume in generell is pretty low so we can expect incoming volatility in the next weeks.
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Follow us and stay up to date.
Thanks for your support !
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
