Bitcoin Breakdown - Weekly Chart
BTC out look Weekly chart. If you're buying here....you're probably going to have a bad time in the mid to short term. I'm waiting for a pullback.
We are moving into a major level on BTC between $46,400 and $50,000 in the red box. We do have a 1.61 Fib Level at $47,500. Marked out in Green.
Since we've broken out of the weekly wedge at 30k, we have yet to test that area again. Price typically tests "the scene of the crime" at least once.
Also, money supply (bottom indicator) and our "trix," (middle indicator) are about tapped out. Volume isnt doing much on this rise either. Staying flat over the past 5 weeks or so, and having a slight pop when we broke out of 30k. There is slight divergence here in volume and price.
I'm expecting a good dump on BTC soon so we can go even higher.
I'm a long term bull on BTC, but in the short-mid term outlook, I'm bearish.
I think it needs a breather.
We are moving into a major level on BTC between $46,400 and $50,000 in the red box. We do have a 1.61 Fib Level at $47,500. Marked out in Green.
Since we've broken out of the weekly wedge at 30k, we have yet to test that area again. Price typically tests "the scene of the crime" at least once.
Also, money supply (bottom indicator) and our "trix," (middle indicator) are about tapped out. Volume isnt doing much on this rise either. Staying flat over the past 5 weeks or so, and having a slight pop when we broke out of 30k. There is slight divergence here in volume and price.
I'm expecting a good dump on BTC soon so we can go even higher.
I'm a long term bull on BTC, but in the short-mid term outlook, I'm bearish.
I think it needs a breather.
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