BTC
Although red, the last weekly candle closed relatively strong after recovering most of the losses we saw throughout the week. Last week’s pullback found support around 82xx which is where the original breakout found resistance initially. Daily EMAs (20, 35, 50) have fully crossed and are beginning to trend upwards. While not totally conclusive, this is a good sign that the macro trend has flipped bullish. Although there has yet to be a new local high set, it seems likely that we may see a new local high this week. On the weekly chart, there isn’t any major resistance until 9.5 where the big move in October closed. On the daily chart, the local high around 9.2 may act as an initial resistance. Otherwise levels line up fairly similarly with the weekly — 94xx and 95xx both being areas with confluence.
Depending on where and how this week’s local high is set, ideally bulls would want to see previous resistance flip support similar to last week. If 9.2 acts as resistance again, a small pullback to around 8.7 – 8.8 would be a good place to find support. Otherwise if BTC manages to make a new local high around 9.5 and pulls back from there, finding support around 8.9 – 9K would paint a very strong trend. If there is not a new local high set this week, the market may range here for awhile. Current range high is 9200, with the range low being around 8300.
-Kevin
As always, trade at your own risk. Consider this just part of your research.
Telegram Channel- https://t.me/TheNewsAsia
Telegram Chat (partner) – https://t.me/cryptodakurobinhooders
Twitter – @TheNewsDotAsia
Facebook – https://www.facebook.com/groups/chains.asia/
email – hello@thenews.asia
