If we take a look at the weekly Bitcoin chart and draw the same range that we have been looking at on the daily, the situation becomes more clear. Why? When you have a range, you add the EQ (equilibrium, center dashed line) and it tends to act as resistance and support. As you can see, the last two weekly candles all found strong resistance at the range EQ and price is stuck in the bottom half of the range, effectively creating a smaller channel between the EQ and the range lows. Bulls really want to see the EQ flipped to support, which would target the range highs around $74,000. For now, still sideways chop in the bottom half of the range.
Trading Alpha still has grey dots on the weekly time frame and is still showing price above the green, rising track line. The trend remains bullish until proven otherwise.
Trading Alpha still has grey dots on the weekly time frame and is still showing price above the green, rising track line. The trend remains bullish until proven otherwise.
scott.melker@texaswestcapital.com