Looking at BTC Major Pivots on the weekly
Dear Friends,
I created this chart trying to get a better view of the bigger picture for the coming weeks, hopefully its clean enough for you to analyze. I feel BTC is approaching a landmark point in its existence, and without trying to suggest a direction for the market, I have plotted the major Pivots, which are the most likely reversal / resistance points.
** Bear in mind that these are weekly candle closes, this chart is looking specifically at potential market reversal points. **
Things to Note:
- While the market remains below 8000 - 8500 the trend remains bearish
- Next key levels to watch are 6200-6400 followed by 5100 -5600
- The orange line at 5600 is a critical level to me, a break below it will also intersect with a break of the middle line of the channel, a very bearish signal
- A break below 5000 and I am full bearish, I will then even reconsider the March low, and be assessing the possibility for a lower Pivot
THE QUESTION ON EVERYONE'S MIND IS WILL BTC RISE OR DROP ?
This is a difficult question, since the Federal reserve is currently printing money to support the markets... BTC and the stock markets cant logically withstand current market conditions and remain bullish, but manipulation is what it is so don't be a fool and assume anything or you could get REKT! I don't like the Feds actions, the only going to make the common man poorer in the long run, and their actions only serve to protect heavily leveraged whales. The market should remain organically supply and demand driven.
Many believe the low is in now, and it might be, but there is still a chance that it isn't... What doesn't sit right with me in terms of market behavior is the fact that it wicked down and then drew up immediately without consolidating anywhere close to that price, so if there is any doubt in my mind it is because of the way it bottomed.
Volume isn't there at the moment to drive the prices up, but the exchanges are not letting the prices drop either, be careful with your money and watch these pivots and try trade and remain with the trend
I created this chart trying to get a better view of the bigger picture for the coming weeks, hopefully its clean enough for you to analyze. I feel BTC is approaching a landmark point in its existence, and without trying to suggest a direction for the market, I have plotted the major Pivots, which are the most likely reversal / resistance points.
** Bear in mind that these are weekly candle closes, this chart is looking specifically at potential market reversal points. **
Things to Note:
- While the market remains below 8000 - 8500 the trend remains bearish
- Next key levels to watch are 6200-6400 followed by 5100 -5600
- The orange line at 5600 is a critical level to me, a break below it will also intersect with a break of the middle line of the channel, a very bearish signal
- A break below 5000 and I am full bearish, I will then even reconsider the March low, and be assessing the possibility for a lower Pivot
THE QUESTION ON EVERYONE'S MIND IS WILL BTC RISE OR DROP ?
This is a difficult question, since the Federal reserve is currently printing money to support the markets... BTC and the stock markets cant logically withstand current market conditions and remain bullish, but manipulation is what it is so don't be a fool and assume anything or you could get REKT! I don't like the Feds actions, the only going to make the common man poorer in the long run, and their actions only serve to protect heavily leveraged whales. The market should remain organically supply and demand driven.
Many believe the low is in now, and it might be, but there is still a chance that it isn't... What doesn't sit right with me in terms of market behavior is the fact that it wicked down and then drew up immediately without consolidating anywhere close to that price, so if there is any doubt in my mind it is because of the way it bottomed.
Volume isn't there at the moment to drive the prices up, but the exchanges are not letting the prices drop either, be careful with your money and watch these pivots and try trade and remain with the trend
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